Chemical maker Huntsman Corp and Saudi Arabia's Al-Zamil Group have raised $195 million through an Islamic loan to finance a petrochemical plant in the kingdom.

The deal includes both murabaha and ijara tranches, Saudi Hollandi Bank said in a statement, without giving further details.

The funds will be used to finance $289 million the Arabian Amines Co project, a 27,215-tonne-per year ethyleneamine plant in Jubail Industrial City on Saudi Arabia's eastern coast.

Ethyleneamine is used in various applications in the chemical, agricultural, pharmaceutical and paper industry. - Reuters