Baker & McKenzie Advises Dow on Project Financing
| June 18, 2012 – Baker & McKenzie has advised The Dow Chemical Company (Dow) on the Islamic finance facilities worth $1.4 billion (SR5.25 billion) made available to Saudi Acrylic Acid Company (SAAC), Saudi Acrylic Monomers Company (SAMCO), and Saudi Acrylic Polymers Company (SAPCO). The financing is for the construction of three integrated petrochemicals plants in Jubail Industrial City. SAMCO, a joint venture of The National Industrialization Company (Tasnee), Sahara Petrochemicals Company (Sahara), and Dow, is constructing an acrylic monomer production plant that will produce approximately 70,000 tons per year of glacial acrylic acid and 160,000 tons per year of butyl acrylate. The glacial acrylic acid will go to SAPCO and the butyl acrylate will go to SAAC. Production is expected to begin in 2013. Acrylates are intermediate products with various benefits, which include the production of super absorbent polymers, paints, and coatings. |