Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) announced that one of its subsidiaries has obtained a Sharia-compliant credit facility from Alinma Bank and Bank Albilad.

The 13-year credit facility consists of a SAR 875 million long-term loan and a SAR 825 Million SIDF bridge loan.

The subsidiary, InoChem, will build, own, and operate (BOO) an industrial complex in Ras Al Khair Industrial City to produce soda ash in two grades, light and dense, as well as calcium chloride.

Furthermore, the total production capacity in its first phase is expected to be 600,000 tons per annum, making it the largest producer of these products in the GCC region.

Production startup is expected during the first half of 2022.

InoChem is a closed joint-stock company 30% owned by Sahara Petrochemicals Company, which is a wholly-owned subsidiary of Sipchem.