SK Gas and Saudi Advanced Petrochemical Co. (APC) have agreed to set up a US$1.8 billion joint venture plant in Saudi Arabia. This agreement follows the MoU signing by both companies in June 2019. Under the deal, SK Gas, through its subsidiary SK Gas Petrochemical and APC affiliate Advanced Global Investment Company will start building a petrochemical facility in the industrial city of Jubail by 2023.
As SSESSMENTS.COM noted, the new facility will have an annual propylene and polypropylene production capacity of more than 800,000 tons/year. SK Gas Petrochemical will have a 15% stake in the project. SK Gas is an affiliate of SK Group, South Korea’s largest energy and telecom conglomerate.
