Satorp’s Amiral expansion project represents the physical integration of a chemical complex with the company’s existing refinery to create one of the world’s largest refining-to-chemicals operations.
The project secured a $6.9 billion layered non-recourse package, comprising three export-credit agency facilities, complemented by two commercial tranches (one conventional, one Islamic) and a dedicated slice from the Saudi Industrial Development Fund.
These funds enable construction of a mixed-feed cracker designed to handle varied low-cost feedstocks while turning out 1.65 million tonnes per annum (TPA) of ethylene. Downstream capacity is equally prominent, with two polyethylene lines of 500,000 TPA apiece and additional units to extract butadiene and aromatics and to generate higher-value derivatives. Together, these units position the complex to capture margin across the petrochemical value chain while leveraging economies of scale inherent in its refinery linkage.
HSBC and Saudi Awwal Bank acted jointly as coordinators, bookrunners and mandated lead arrangers, giving the transaction heavyweight banking support and signalling strong lender confidence.
