SKC signs billion-plus dollar deal with Kuwaiti company

Home > Business > Industry

print dictionary print

SKC signs billion-plus dollar deal with Kuwaiti company

SKC said Thursday it signed an agreement with Petrochemical Industries Company (PIC) from Kuwait to launch a joint 1.45 trillion won ($1.2 billion) venture.

The chemical affiliate of the SK Group will separate its chemical business and sell 49 percent to state-run Kuwait Petroleum Corporation’s (KPC) wholly-owned subsidiary.

The joint venture will produce propylene oxide (PO) and propylene glycol. SKC and PIC are planning to officially launch the joint venture by first quarter of next year.

The SK affiliate said the joint venture will help the company get closer to its ultimate goal of being capable of producing 1 million tons of PO per year by 2025. The joint venture is also a step toward fulfilling KPC’s 2040 goals.

By Ko Jun-tae

More in Industry

Post Office to relax for a few days

Those radioactive mattresses are still just sitting there

BYO cornucopia

5G networks are currently only four times faster than 4G LTE

Where's Magnum when you need him

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now