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first_imgTuesday 14 September 2010 8:20 pm ING and RBS?agree debt deal for Singapore petrochemical project Tags: NULL ING and Royal Bank of Scotland have launched a much delayed £1bn debt restructuring deal to help fund construction of Singapore’s Jurong Aromatic Corporation’s (JAC) petrochemicals project.The project is now expected to commence operations in 2014 with construction beginning next year. Talks over financing started last year but progress was delayed by poor market conditions.Some $1.24bn (£796m) – or 80 per cent of the debt – will now be financed or guaranteed by two South Korean export agencies for a period of up to 15.5 years. In a statement Bruce Macfarlane, head of the advisory team at joint coordinating bank ING, said yesterday: “The timing seems perfect now with almost no other deals of this size or quality expected in the market this year.” The $2.4bn project involves the development of a condensate splitter and aromatics facility on offshore Jurong Island and will produce 1.5m metric tons of aromatics per year and 2.5m metric tons of transport fuels per year, the company said.A JAC spokesman added: “We expect a very favourable reception from lenders given the long anticipation by the bank market of its launch, the favourable recovery of the financial markets and robust economics of the project.”Banks invited to join the lending group are expected to pledge financial commitments of between $75m to $150m by next month. The loan is expected to be signed by early December. whatsapp Show Comments ▼ Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBig Data Courses | Search AdBig Data Online Courses Might Be Cheaper Than You ThinkBig Data Courses | Search AdBrake For ItThe Most Worthless Cars Ever MadeBrake For ItHealth.recetasget5 Common Cancer Signs to Pay Attention ToHealth.recetasgetOceandrawRemember Him? Wait ‘Till You See Him NowOceandrawLifestly.com30 People from History Who Look Exactly Like Today’s More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPuffer fish snaps a selfie with lucky whatsapp KCS-content last_img