Saudi Sabic, Korean SK sign USD595m deal

27 May 2014

(MENAFN) Saudi Basic Industries Corp, Sabic, has recently signed a 50-50 joint venture agreement worth USD595 million with Korean petrochemical manufacturer SK Global Chemical, according to Arabian Business.

Under the agreement, the two parties will own a plant in Ulsan, South Korea, completed by SK at its complex and allow them to use the latest Nexlene technology.

The new venture will be located in Singapore with an expected annual capacity of 230,000 tons. The plan aims to set up production bases in highly competitive polyethylene markets in Saudi Arabia and worldwide.

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