SK Gas gets investment from Kuwait’s petrochemical firm

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SK Gas gets investment from Kuwait’s petrochemical firm

Published: 19 Jan. 2016, 19:48

SK Gas disclosed that it has received foreign investments worth $100 billion in its Propane De-Hydrogenation (PDH) business, which is operated by subsidiary SK Advanced, during a board meeting held on Tuesday.

The company has sold roughly $100 billion worth shares of SK Advanced to Petrochemical Industries Company (PIC), Kuwait’s state-owned petrochemical company, and the official contract will be signed on Thursday.

PDH refers to the process by which propane is converted into propylene. While the use of propane is gradually decreasing by time, propylene can be utilized in diverse sectors, including the production of auto parts and plastics.