SABIC inks $595mn deal for Singapore oil plant

50/50 joint venture signed with SK Global Chemical

Picture for illustrative purposes only.
Picture for illustrative purposes only.

Saudi Basic Industries Corp, SABIC, has revealed one of its units has entered into a $595mn 50-50 joint venture agreement with Korean petrochemical manufacturer SK Global Chemical for a refined oil products plant in Singapore.

The joint venture between SABIC Industrial Investment Company and SK Global Chemical will own a plant that has been recently completed by SK at its complex in Ulsan, South Korea and will use cutting edge Nexlene technology, Sabic said in a statement.

The new venture will be located in Singapore with an expected annual capacity of 230,000 tonnes. The plan is to set up production bases in highly competitive polyethylene markets in Saudi Arabia and worldwide, the company said.

The agreement is subject to regulatory approval. 

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020