Saudi Arabian Cement Co secures loan

Saudi Arabian Cement Co secures loan
Published: 23 September 2008

Saudi cement producer Arabian Cement Company (ACC) said it will receive a loan of SAR450m (US$119.8m) to finance the construction of a cement plant for Jordan-based building materials supplier Al Katrana Cement Company LLC, in which ACC owns a 95 per cent stake, Saudi Al-Riyadh daily reported on September 23, 2008.

The financing will be provided by French bank BNP Paribas and will be repaid over a period of seven years.

The plant will be located in the city of Al Katrana, 90km south of the Jordanian capital Amman.

In late October 2007, Finnish lifecycle power solutions company Wartsila Oyj Abp said it won a EUR31.5m contract to deliver a power plant to Al Katrana Cement Company LLC, to be installed at the cement factory.