> SIIG ANNOUNCES THE COMPLETION OF ALL LENDERS REQUIREMENTS OF PETROCHEMS PROJECT (SAUDI POLYMERS COMPANY)
1/4/2015
SIIG ANNOUNCES THE COMPLETION OF ALL LENDERS REQUIREMENTS OF PETROCHEMS PROJECT (SAUDI POLYMERS COMPANY)
The Saudi Industrial Investment Group (SIIG) announces that on 1 April 2015, Petrochems project (The Saudi Polymers Company) has completed all of its obligations required under the financing agreements with its local and international lenders. Therefore, certain financial obligations and recourse have transferred from the project sponsors to Saudi Polymers Company. Upon reaching this important milestone, the project sponsors (including SIIG) guarantees are released and the obligations of Saudi Polymers Company under the financing agreements are to be covered solely using the proceeds from its operations. SIIG also notes that this will not have any financial impact on its results.

SIIG owns 50% of The National Petrochemical Company (Petrochem), and Saudi Polymers Company is owned 65% by Petrochem, and 35% by Arabian Chevron Phillips Petrochemical Company Limited, a wholly-owned subsidiary of Chevron Phillips Chemical Company LLC.
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