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 Koreas SK Global Chemical to operate a petrochemicals plant in Ulsan, South Korea.
The plant produces polyethylene products using the Korean groups 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.
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