VOL. XLII

No 48

29-November-1999

SAUDI ARABIA

Ibn Zahr Reschedules $138Mn

The Saudi European Petrochemical Company (Ibn Zahr), ajoint-venture affiliate of Saudi Basic Industries Corporation (SABIC),announced on 24 November that it had rescheduled a $137.7mn (SR516mn)syndicated loan from a consortium of 11 regional and local banks. According toa statement from Ibn Zahr, the loan was originally signed in 1992 to financethe construction of the company痴 MTBE and polypropylene plants.

The rescheduling...