Export-Import Bank supports Saudi petrochemical project

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Export-Import Bank supports Saudi petrochemical project

The Korea Export-Import Bank (Exim) said it has provided a combined $400 million to Korean companies as project financing on a petrochemical plant construction project in Saudi Arabia.

The Sadara project is a joint-venture by Saudi Aramco, the world’s largest petroleum producer, and U.S. Dow Chemical.

The Exim Bank said the project, which will cost $19.3 billion, will build a production facility that could produce 3 million tons annually.

Eighty 80 Korean companies, including Dalim Industrial and Daewoo E&C, are participating in the project.

Exim Bank plans to provide 21 trillion won for overseas plant projects this year, 2 trillion won more than was available last year.

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