Published: Sep 04, 2014
Source: Tadawul


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Advanced Petrochemical company approves the equity investment in pdh plant with sk gas for the production of propylene in south korea

The Board of Directors of Advanced Petrochemical Company (ADVANCED), during its meeting on 8th Dhu Al-Qadah 1435H, (corresponding to September 3, 2014), approved the equity investment of 35% in PDH Plant with SK Gas, for the production of Propylene in South Korea, through its subsidiary Advanced Global Investment Company (AGIC) which is owned 95% by ADVANCED and sources of AGIC equity participation will be announced later. The total cost of the project is expected to be approx. US$ 1 billion (SR 3.75 billion) and the project will be financed 40% equity and 60% debt. The project has commenced the construction activities and it is scheduled to start up in the 1st half of 2016, with a nameplate capacity of 600,000 Metric Tons per annum. 

The financial impact of above investment is expected after the commencement of commercial operation of the project in 2016.

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