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19/01/2016 13:55 AST
Kuwait's Petrochemicals Industries Company (PIC) has agreed to buy a 25 percent equity stake in a venture owned by South Korea's SK Gas Co Ltd and Saudi Advanced Petrochemical Co, shareholders of the three firms said.
PIC, a subsidiary of state oil giant Kuwait Petroleum Corp, will invest in SK Advanced, which is building a 600,000 tonnes per year propane dehydrogenation (PDH) project in South Korea.
SK Gas is a liquefied petroleum gas (LPG) distributor.
In a statement on Tuesday, SK Gas said PIC paid $100 million for the stake.
SK Advanced will be operated as a three-party venture with SK Gas retaining a 45-percent stake, Saudi Advanced's AGIC holding 30 percent and PIC owning 25 percent.
Saudi Advanced had previously invested $135 million for a 35 percent stake. It said in a statement on the Saudi stock exchange that its subsidiary AGIC had agreed to sell a 5 percent stake, reducing its holding to 30 percent.
The impact of the sale will generate SR16 million ($4.3 million) for Saudi Advanced which will be reflected in its first quarter results.
Saudi Advanced said trial operations of the South Korean project would start in the first quarter of this year. SK's statement said commercial operations were expected to start from March this year.
Reuters
14/05/2017
Saudi-based Advanced Petrochemical Company (APPC) has reported a eight per cent growth in its revenue for the first quarter to SR526.2 million ($140.2 million) compared to the same period last year d
Trade Arabia
26/05/2015
The Board of Directors of Advanced Petrochemical Company in their meeting held on May 26th 2015 reviewed the financial and operational performance of the Company and has recommended to distribute div
Tadawul
24/03/2015
Saudi Arabia's Advanced Petrochemical said on Monday it had restarted production at its propylene and polypropylene plants after scheduled maintenance.
Full operational capacity at the two
Reuters
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 61.60 | -0.60 (-0.97 |
| SABIC | 55.50 | -0.25 (-0.45 |
| SABICAGRINUTRIENTS | 117.00 | 0.00 (0.00 |
| LIMEINDUSTRIES | 12.16 | 0.11 (0.91 |
| APICO | 36.92 | -0.08 (-0.22 |
26/11/2025
AI is driving generational opportunity across every industry, society, and economy - but at the crux of this global transformation is the crucial relationship between AI and energy, Aramco's Executiv
Arab News
26/11/2025
Efsim Facilities Management Company, a leading provider of integrated facilities management (IFM) services across the Kingdom of Saudi Arabia, today (November 25) announced its intention to proceed w
Trade Arabia
26/11/2025
GFH Partners, a Dubai International Financial Center (DIFC) headquartered investment manager and the global real estate investment arm of GFH Financial Group, has acquired a majority stake in Devmark
Trade Arabia
25/11/2025
Taqa Energy Services, a subsidiary of Abu Dhabi National Energy Company (Taqa), has signed an agreement with Sdeira Group, a subsidiary of AD Ports Group, to implement one of the emirate's largest bu
Trade Arabia
25/11/2025
Saudi Real Estate Company (Al Akaria) has announced the signing of a framework agreement with Expo 2030 Riyadh Company to execute the early works for the Expo 2030 Riyadh project.
The contra
Trade Arabia
Financial Information Co.
Saudi Arabia