Petro Rabigh wins $959m finance from Saudi industrial fund
RIYADH, December 23, 2020 Rabigh Refining and Petrochemical Company (Petro Rabigh) has announced that it has secured alternative sharia-compliant banking facilities from the Saudi Industrial Development Fund (SIDF) worth SR3.6 billion ($959 million). which engages in the development, construction, and operation of an integrated refining and petrochemical complex. The key Islamic funding facility, which has been guaranteed by a promissory note, will be used for refinancing existing debts with better terms and conditions and repayment period, in addition to settling other loans, which will reflect positively on the company and its shareholders, said Petro Rabigh in its filing to the Saudi bourse Tadawul.