ADVANCED PETROCHEMICAL COMPANY ANNOUNCES THE COMMENCEMENT OF COMMERCIAL OPERATION OF THE POLYPROPYLENE PLANT IN SOUTH KOREA
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| Announcement Detail | Advanced Petrochemical Company (Advanced) is pleased to announce the commencement of the commercial operation of the Polypropylene Plant (the "Joint Venture"), as the Joint Venture agreement has been signed between SK Advanced Company Ltd. (SK Advanced, a joint venture company in South Korea owned 30% by Advanced through Advanced Global Investment Company) and PolyMirae Company Ltd. to set up a Polypropylene Plant in South Korea with a design capacity to produce 400,000 metric tons per annum, wherein SK Advanced has 49.99% ownership of the Joint Venture's capital as announced earlier in the Tadawul's website on 10/10/1439H corresponding to 24/06/2018 regarding the setting up a polypropylene manufacturing plant in South Korea.
It is noteworthy to mention that, currently SK Advanced is operating a PDH plant in South Korea since 2016 with design capacity to produce 600,000 metric tons per annum of Propylene, while, PolyMirae, a leading South Korean specialty Polypropylene producer, is currently operating four PP Spheripol production lines in South Korea with a total capacity of 700,000 metric tons per annum. This Joint Venture will be supplied with Propylene (main feedstock) from SK Advanced on a long term basis.
The importance of the Joint Venture for SK Advanced is not only in having 49.99% of the Joint Venture's capital, but also in securing long term local Propylene off take this Joint Venture.
The financial impact of above investment by SK Advanced is expected to be reflected in the Advanced's financial statements starting of the second quarter of 2021 and subsequent periods based on the prevailing market prices.
For further information, please visit the website of Advanced Petrochemical Company through the following link (https://advancedpetrochem.com) |
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