Hunton Andrews Kurth Advises Rabigh Refining and Petrochemical Company on Revolving Loans and Facility Agreements Valued at US$2 Billion

On Sept. 30, 2020, the Rabigh Refining and Petrochemical Company (Petro Rabigh) announced on the Saudi Stock Exchange (Tadawul) that it entered into three joint revolving loans and facility agreements with a combined value of US$2.0 billion. The Saudi Arabian Oil Co. (Saudi Aramco) provided a US$750 million revolving shareholder loan and a US$500 million shareholder facility. While Sumitomo Chemical Co. provided a revolving shareholder facility of US$750 million via its subsidiary Sumika Finance Co., Ltd. Each of the three loans matures after 36 months.

Petro Rabigh, which owns one of the largest refineries in the Middle East, was represented by Hunton Andrews Kurth. The team included Jason Parker and Stephanie Levy, with assistance from Rimal Kacem and Svetlana Sorokina-Wilson. Reaching this key milestone is a significant achievement for Petro Rabigh, who was able to successfully complete the transaction despite the complexities and the global challenges presented over the last six months.