ADVANCED CO. TERMINATES THE AGREEMENT WITH BAYEGAN FOR THE PROPOSED PDH-PP PROJECT IN TURKEY

29/12/2012 Argaam

With reference to the earlier announcement by Advanced Petrochemical Company (Advanced) dated May 5, 2012 with regards to the signing of Memorandum of Understanding (MoU) with Bayegan Group (Bayegan) for the development of a Propane Dehydrogenation (PDH) and Polypropylene (PP) plant in Turkey, Advanced today announces the signing of an agreement with Bayegan on December 29, 2012 to amicably and mutually terminate the above MoU. There is no financial commitment for Advanced resulting from the termination of the MoU.

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