16.06.2010 • News

SABIC Gets $1 Billion Credit from Alinma

Saudi-based Alinma Bank granted on Tuesday a $1 billion credit facility to Saudi Basic Industries Corp (SABIC), al-Hayat online news service reported. SABIC's Chief Executive Mohamed al-Mady declined to comment the report.

"The facility will fund some of the company's petrochemical projects as part of the company's strategic plans to enhance financing performance, boost competitiveness and contribute to achieve the company's expansion and growth strategy," al-Hayat said in the unsourced report.

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VCI Welcomes US-EU Customs Deal

The German Chemical Industry Association (VCI) welcomes the fact that Ursula von der Leyen, President of the European Commission, and US President Donald Trump have averted the danger of a trade war for the time being.