Clifford Chance (CC) has advised Basell and Sahara Petrochemical Company (SPC) on a $527m (£275m) Islamic financing for the construction of a Saudi plastic derivatives plant.

The deal, led by Dubai finance partner Robin Abraham and assisted by senior associate Mohamed Hamra-Krouha, marks the first time a non-recourse project has been funded under a pure Islamic finance structure, involving no banks lending on an interest-paid basis.

CC London construction partner Tim Steadman advised Al-Waha Petrochemical Company – the joint venture company between Basell (25%) and SPC (75%) – on the engineering, procurement and construction contracts.