Al Waha Petrochemicals Company has successfully completed the signing of a long-term Murabaha and Ijara fil thimma Refinancing Facility Agreement.
Al Waha Petrochemicals Company is a joint venture company formed between Sahara Petrochemicals Company and LyondellBasell to develop and operate a world scale propylene and polypropylene plant in the Jubail Industrial City.
The new debt has been provided by Banque Saudi Fransi, the Saudi British Bank and the Saudi Fund for Development. The project’s refinancing comprised two SAR 982 million Ijara lease facilities and a SAR 375 million Murabaha facility.
On behalf of Al Waha Petrochemicals Company and the senior lenders, Operis was pleased to provide an audit of the financial model representing the transaction, which included a review of the model’s tax and accounting treatments, and a review of the transaction’s Islamic finance documentation.
