London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950

Our Clients

Order Informer

Home > News >

SKC plans to spin-off chem business

August 14/2019

MOSCOW (MRC) -- SKC Co. has received board of directors' approval to vertically spin-off its chemical business and sell a 49% interest in the new separate entity to Petrochemical Industries Co. (PIC) of Kuwait, said Apic-online.

In addition, the parties have signed an agreement to form a propylene oxide (PO) joint venture.  The new joint venture company, which SKC and PIC agreed will be valued at USD1.195-billion, will include a 45% stake in SKC Evonik Peroxide Korea.

The transaction is expected to close in the first quarter of 2020, subject to regulatory approvals and customary closing conditions.

"SKC has a strategy to achieve an annual production target of 1-million tons of PO," PIC noted.  "SKC believes this joint venture will facilitate the exploration of future opportunities and is an important step towards its strategy."

PIC, a wholly-owned subsidiary of Kuwait Petroleum Corp. (KPC), said the transaction will "enhance" its capacity in downstream derivatives and is an "important" step towards achieving KPC's 2040 petrochemical strategy.

As MRC informed earlier, SKC, a chemical manufacturing subsidiary of SK Group, has agreed with Petrochemical Industries Company (PIC) of Kuwait to set up a 1.45 trillion won chemical joint venture.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, SK Corporation.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe