Sabic, SK Global Chemical sign 50-50 JV in which companies will be involved in manufacture of PE products in Singapore using SK's Nexlene solution technology
May 26, 2014
– SABIC Industrial Investment Co. (100% owned by SABIC) and the Korean petrochemical company SK Global Chemical signed today a 50-50 joint venture agreement for a total investment of $595 million by self-financing, according to the company's statement to Tadawul website. The joint venture involves owning SKs cutting edge Nexlene technology and a plant that has been recently completed by SK Global Chemical at its complex in Ulsan, South Korea, with an expected annual capacity of 230,000 tons. The agreement is subject to regulatory approval, the company added. Located in Singapore, the joint venture will manufacture a range of high-performance polyethylene products using SKs cutting edge Nexlene solution technology.
Over time, production bases will be established in highly competitive polyethylene markets in Saudi Arabia and worldwide. the financial impact cannot be calculated and any further significant progress will be announced in due time;