Middle East

Korean financing for Saudi petrochemical complex

Doha: The Export-Import Bank of South Korea will provide $400m to the Sadara project, a joint venture between Saudi Aramco, the largest oil company in the world, and the American Dow Chemical Company.

The project, worth $19.3bn, to construct facilities for the manufacturing of up to 3m tons of petrochemical products a year will take place at Jubail industrial city in eastern Saudi Arabia.

Nearly 80 Korean companies are involved in the project, including Daelim Industrial, which won a deal for engineering, procurement and construction worth $2.2bn.  [15/05/13]

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