Yousef Al-Benyan, CEO of SABIC
Yousef Al-Benyan, CEO of Saudi Basic Industries Corp. (SABIC), said the Saudi-Korean joint venture (JV), SABIC SK Nexlene, which is located in South Korea, with investments worth $2 billion, is nearing completion, Asharq News reported.
He expects the JV to start production before the end of this year, with a capacity of one million tons of diversified petrochemicals.
With the start of production, the company will begin establishing similar projects in Jubail, Al-Benyan added.
SABIC SK Nexlene was established in 2014 as a JV between SABIC and South Korean petrochemical producer SK Global Chemical Co., with SAR 1.13 billion in capital, according to data available with Argaam.
The JV mainly produces the linear low-density polyethylene, propylene, elastomers, polyolefins, and other petrochemicals.
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