Cancellations and delays of project financing deals, and the government’s continued provision of advance payments to contractors, are further hindering recovery in Saudi banks’ loan growth.
A financing of about $8 billion for a 400,000-barrel oil refinery at Yanbu on the Saudi west coast had been expected to close around the end of June, for example. But when US company ConocoPhillips pulled out of the joint venture with national oil company Saudi Aramco at the end of April, it surprised even those close to the deal.
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