Advanced Petrochemical advances on MoU with SK Gas
The Tadawul All Share Index slipped 0.12 per cent to 9,351.11 points on Wednesday, March 12. Advanced Petrochemical Company (APC) surged 1.40 per cent to close at SAR43.40. Earlier in the day, APC announced the signing of a memorandum of understanding (MoU) with SK Gas for setting up a state-of-the-art Propane Dehydrogenation (PDH) plant in South Korea. The project cost an estimated $900 million (SAR3.375 billion) APC or its subsidiary Advanced Global Investment Company will hold a minimum of 25 per cent equity stake. The plant is scheduled to start in the first quarter of 2016, with a design capacity of 600,000 metric tons of propylene per year.