Riyadh - Mubasher: The Saudi Ethylene and Polyethylene Company (SEPC), a joint venture (JV) of Tasnee Sahara Olefins Company (TSOC), has secured Shariah-compliant long-term Murabaha financing of SAR 1.70 billion from Bank Albilad.
The 12-year facility, which includes a two-year grace period, is set to support the ethylene cracker expansion project at SEPC, according to a bourse filing.
Meanwhile, the long-term Murabaha financing is backed by promissory notes issued by SEPC and guarantees from the shareholders covering the full value of the credit facility.
It is worth noting that the National Industrialization Company (Tasnee) holds a 60% stake in TSOC.
During the first nine months (9M) of 2025, Tasnee posted an annual leap of 288.96% in net profits to SAR 271.50 million, compared with SAR 69.80 million.
