Sabic forms joint venture for chemicals production

06 July 2015

Consortium targets $640m of investment

  • Sabic joins forces with SK Global Chemical
  • Plant produces polyethylene products

Saudi Arabia Basic Industries Corporation (Sabic) has formed a joint venture with South Korea’s SK Global Chemical to operate a petrochemicals plant in Ulsan, South Korea.

The plant produces polyethylene products using the Korean group’s Nexlene process technology, according to an announcement by Sabic on the Saudi Stock Exchange (Tadawul).

Under the Singapore-based joint venture, the two companies have agreed to invest $640m through self-funding and commercial loans for technology and plant construction. The joint venture is expected to building additional plants around the world.

Stay informed with the latest in the Middle East
Download the MEED app today, available on Apple and Androiddevices

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.