Saudi-Korean $640m Polyethylene Project to Operate out of Singapore

Sunday, 5th July 2015
by Egypt Oil & Gas

Hostesses stand in front of the construction site of the Saudi Basic Industries Corp. (SABIC) Technology Centre and Greater China Headquarters in Shanghai, China Friday, April 6, 2012. SABIC, one of the world’s largest chemical producers, has begun work on a $100 million new technology center in Shanghai, focusing on alternative energy and new materials for the construction and automotive sectors. (AP Photo/Eugene Hoshiko)

Saudi Basic Industries Corp (SABIC) said on Sunday it had completed the formation of a joint venture with Korean petrochemical manufacturer SK Global Chemical Co to produce polyethylene products.

Total investment will be about $640 million for the technology and plant construction, SABIC said in a statement. The financial impact cannot be assessed yet, it said.

SABIC announced plans in May last year to operate the plant, recently completed by SK at its complex in Ulsan, South Korea, with an expected annual capacity of 230,000 tonnes. The venture will be based in Singapore.

Source: Reuters