Advanced Company to build SAR 3.4 billion plant in South Korea
Advanced Petrochemical Company signed a memorandum of understanding with South Korea’s SK Gas to build a SAR 3.4 billion propylene plant in South Korea.
The company said the memo shall be valid for one year from the date of signing of contract (today) or till the signing of a joint venture agreement between the two parties, whichever is earlier.
The total cost of the project is around USD 900 million (SAR 3.4 billion). Advanced Petrochemical Company, or its affiliate Advanced Company for Global Investment, will own a minimum of 25 percent in the project’s capital, according to a statement from the company.
The Propylene project will be operational by the first quarter of 2016 with a capacity of 600,000 metric tonnes annually.