The loan is guaranteed by Saudi Basic Industries (Sabic), which holds a 35% stake in Kayan, according to the BusinessWeek.
In July, the petrochemical company said that the total cost of the proposed unit is expected to rise 24% above its original budget.
Work on the main units of the plant is expected to start in the third quarter of 2010, according to the company.
The complex will have an annual production capacity of 5.6 million tons of petrochemical and chemical products.
The formation of the Saudi Kayan Petrochemical Company was formed as a result of a partnership agreement between SABIC & AlKayan Petrochemical Company.
