Saudi Alujain has announced that its subsidiary, National Petrochemical Company (Natpet), has received approval from the Saudi Public Investment Fund (PIF) to get an additional financial loan worth $75 million to finance its propylene and polypropylene complex located in Yanbu, on the western coast of the Kingdom. Natpet also received a $125 million loan from the PIF for the project last year. The loan will be used to finance the additional charges arising from the delay of the construction of the propylene plant which is the feedstock of the polypropylene plant. The polypropylene (PP) plant was ready in December 2008. The company said that the commissioning of the PP plant has exceed the designed capacity reaching 120 percent, and the product has been sold to more than 22 countries, while the commissioning of the propylene plant has reached 96 percent of the designed capacity. Alujain controls 57.4 percent of Natpet which produce 400,000 tons per annum (tpa) of propylene and 400,000 tpa of polypropylene.
