Saudi Arabia’s Advanced Petrochemical Company has announced that Advanced Polyolefins Industry Company has signed various Islamic facility agreements worth 6.1 billion Saudi riyals ($1.6 billion) with a consortium of financial institutions to finance the construction of three plants at the Jubail Industrial City II.

The agreements will be utilised to finance the construction of Propane Dehydrogenation (PDH) plant, Polypropylene (PP) plant and Isopropanol (IPA) plant to produce 843,000 tonnes per annum propylene, 800,000 tonnes per annum polypropylene and 70,000 tonnes per annum isopropanol, the company said in a statement.

Participating banks include Alinma Bank; Al Rajhi Banking and Investment Corporation; Arab National Bank; Arab Petroleum Investments Corporation; Bank Albilad; Banque Saudi Fransi; Riyad Bank; The Saudi British Bank and The Saudi National Bank.