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Rabigh Refining & Petrochemical Co., a Saudi-based joint venture between Sumitomo Chemical Co. and Saudi Arabian Oil Co., has obtained $5.8 billion in loans from the Japan Bank for International Cooperation and other financial institutions, including major private-sector Japanese banks, Sumitomo Chemical said Friday.

Rabigh Refining, also known as PetroRabigh, will use the capital to build a major oil refinery and petrochemical complex on the western coast of Saudi Arabia at a cost of about $9.8 billion.

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