MOSCOW (MRC) -- SABIC and South Korean petrochemical company SK Global Chemical inaugurated a new industrial plant to manufacture a range of high-performance polyethylene products using the cutting-edge Nexlene Solution Technology, said Arabnews.
The ceremony was attended by SABIC Chairman Prince Saud bin Abdullah bin Thenayan Al-Saud and Acting Vice Chairman and CEO Yousef A. Al-Benyan and Executive Vice Presidents Abdulrahman Al-Fageeh and Yousef Al-Zamel.
SK was represented by Group Chairman Chey Tae-won, SK Innovation CEO Chung Chul-Khil, and Cha Hwa-youp, SK Global Chemical CEO. Also in attendance were Trade, Industry and Energy Minister Yoon Sang-jick and Ulsan Mayor Kim Gi-hyeon.
The 50-50 joint venture holding company, SABIC SK Nexlene Company (SSNC) was established last July and is headquartered in Singapore. Its wholly-owned subsidiary, Korea Nexlene Company (KNC), owns the plant in Ulsan, which has an annual capacity of 230,000 tons. The aggregate purchase price for the technology and plant is approximately USD 640 million.
The plant will produce metallocene linear low density polyethylene (mLLDPE), polyolefin plastomers (POP) and polyolefin elastomers (POE) that will meet the growing needs of diverse industries such as advanced packaging, automotive, health care, footwear and electrical and lighting.
SK Global Chemical is a pioneering petrochemical company in Korea, being the first in the country to build a naphtha cracking facility in 1972. Through continuous facility investment, R&D and technological improvement, the company has maintained its position as the leader of the petrochemical industry in Korea.
SABIC is a diversified manufacturing company, active in chemicals and intermediates, industrial polymers, fertilizers and metals. It is the largest public company in Saudi Arabia. It is the largest company in the Middle East.
SABIC is currently the second largest global ethylene glycol producer and is expected to become number one after the introduction of these new projects. SABIC is the third largest polyethylene manufacturer, the fourth largest polyolefins manufacturer and the fourth largest polypropylene manufacturer. It is also the world's largest producer of mono-ethylene glycol, MTBE, granular urea, polyphenylene and polyether.MRC