Riyadh – Mubasher: Advanced Petrochemical Company has commenced the commercial operation of the polypropylene plant in South Korea, according to a bourse disclosure on Monday.
The facility is a result of a joint venture agreement between SK Advanced Company, in which the Saudi firm owns 30% through Advanced Global Investment Company, and PolyMirae Company.
The polypropylene plant aims to produce 400,000 metric tonnes on an annual basis.
The financial impact of this investment by SK Advanced will likely reflect on Advanced Petrochemical’s financial statements as of the second quarter (Q2) of 2021 and subsequent periods based on market prices.
The Tadawul-listed firm’s subsidiary Advanced Global Investment last month signed engineering, procurement, and construction contracts worth a total of $1.68 billion to build propylene plants.
