Saudi Acrylic Monomers Co. signs a SAR 600m credit agreement with the SIDF

Saudi Acrylic Monomers Co."39.2% owned by Tasnee" signed a SAR 600m credit agreement with The Saudi industrial development fund (SIDF) as announced today by Tasnee on tadawul.

This credit agreement has a grace period of 42 months and will be repaid on 20 semiannual installments.

The proceeds will be used to finance construction work of a project with a production annual capacity of 145,000 tons of acrylic acid, 145,000 of butyl acrylate and 85,000 tons of pure acrylic acid which will feed the super absorbent polymers project.

This project has a total cost of SAR 3.8bn; the remaining amount will be financed by other bank credit agreements and by partners.

The new project will provide 225 job opportunities and is expected to start operations in Q1 of 2013.