Riyadh – Mubasher: Advanced Petrochemical Company announced amending the shareholders' agreement inked between its subsidiary, Advanced Global Investment Company (AGIC), and SK Gas Petrochemical Pte (SKGP), a subsidiary of  SK Gas Company, to add an isopropanol (IPA) plant for about $80 million (SAR 300 million) with a capacity of 70,000 tonnes per annum.

The inclusion of IPA, which is used in many applications, including hand sanitisers and electronics industry, is part of a strategy to promote the downstream industry in line with the Kingdom’s Vision 2030, according to a bourse statement on Thursday.

On 29 March, AGIC penned a partnership agreement with SK Gas to establish a Saudi closed joint-stock company to build and operate a propane dehydrogenation (PDH) as well as polypropylene (PP) plants at a cost of SAR 6.75 billion ($1.8 billion).

By adding the IPA plant, the total cost of the project (PDH, PP, and IPA plants) is expected to be around $1.88 billion (SAR 7.05 billion).

The financial impact of the above investment is predicted to reflect following the commencement of commercial operations, which is expected by the second half (H2) of 2024.