The project finance deal for the Rabigh Refining and Petrochemical Company was a landmark transaction in almost every sense. At a final cost of $9.9 billion it was the largest transaction of its type to emerge from the Middle East and in its structure it also illustrated the growing integration of conventional and Islamic finance. The funds raised will help develop and upgrade an integrated refinery and petrochemicals complex in Saudi Arabia, a joint venture between Saudi Aramco and Japan’s Sumitomo Chemical.
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