(MENAFN) Salalah Methanol Co. has issued an USD728mn project finance facility for funding an ammonia project from a mix of 12 global, local and regional banks.
Meanwhile, the firm revealed that a portion of the facility will be used to refinance SMC's recent debt, whereas the remaining USD443mn will be collected for building ammonia project.
In addition, the ammonia plant will be using the methanol plant's hydrogen rich by-product gas as feedstock making it capable of producing ammonia with great energy saving.
The plant needs significantly less capital spending when compared with a greenfield ammonia plant of similar capacity.
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