Sadara achieves project completion date, advances to re-profile its debt

  • Date: 01-Dec-2020
  • Source: Arabian Industry
  • Sector:Oil & Gas
  • Country:Saudi Arabia
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Sadara achieves project completion date, advances to re-profile its debt

Sadara Chemical Company (Sadara) continues to realise significant milestones for the company. Most recently, Sadara announced that it has satisfied all the requirements originally laid out in the project financing agreements with its lenders and has therefore achieved the official Project Completion Date (PCD).The PCD follows successful passing in December 2018 of the CRT, or Creditors' Reliability Test – a monitored exercise designed to show that Sadara's 26-plant chemical complex is operating at full capacity. Sadara is the first Saudi Aramco joint venture to pass the CRT on its initial attempt.Sadara has delivered on the all the project's operational targets and now Sadara and its shareholders are working with lenders to re-profile its outstanding debt to achieve a sustainable capital structure.Sadara's financial re-profiling will have no effect on company operations.For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.