Advanced Petrochemicals Invest SAR 3.75 bln in South Korea Propylene Plant

04/09/2014 Argaam

Advanced Petrochemical Company approved on Wednesday an equity investment of 35 percent in PDH plant with SK Gas for the production of propylene in South Korea through its subsidiary, Advanced Global Investment Company (AGIC).

 

The project will cost about SAR 3.75 billion ($1 billion), and will be financed by 40 percent equity and 60 percent debt.

 

The plant, which is under construction, will have a nameplate capacity of 600,000 metric tones per year. It’s expected to be up and running in the first half of 2016.

 

AGIC is currently 95 percent owned by its parent company.

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