SABIC soars on Korean joint venture
The GCC equity bellwether index Tadawul All-Share Index closed 0.50 per cent higher at 9,821.53 points on Monday, May 26.
SABIC edged up by 0.78 per cent to hit SAR117.
Earlier in the day, the world’s biggest producer of petrochemicals said that its wholly owned subsidiary SABIC Industrial Investment Company and the Korean petrochemical company, SK Global Chemical, signed a 50-50 joint venture agreement for a total investment of U$595 million by self financing. “The joint venture involves owning SKs cutting edge Nexlene technology and a plant that has been recently completed by SK Global Chemical at its complex in Ulsan, South Korea, with an expected annual capacity of 230,000 tons. The agreement is subject to regulatory approval.”