Sabic and SK Global Sign Joint Venture
Sabic and Korean petrochemical company, SK Global Chemical, signed a joint venture agreement to manufacture a range of high-performance polyethylene products using SK’s Nexlene solution technology for a total investment of $595 million. The agreement was signed by Mohamed Al-Mady, Sabic vice chairman and CEO, and Ja-Young Koo, SK innovation vice chairman and CEO, and is subject to regulatory approval.
The joint venture is expected to operate a series of manufacturing plants, the first of which was recently completed by SK Global Chemical at its complex in Ulsan, South Korea, with an expected annual capacity of 230,000 tons. The plants will produce metallocene linear, low-density polyethylene, polyolefin plastomers and polyolefin elastomers to meet the growing needs of diverse industries such as advanced packaging, automotive, healthcare, footwear and electrical and lighting.
A second plant is planned for Saudi Arabia. Over time, production bases will be established worldwide.
For more information, visit: www.sabic.com