Sabic, SK Global Chemical in US$640m Singapore venture

Singapore

SAUDI petrochemical giant Sabic and South Korea's SK Global Chemical have formed their Singapore-based joint venture to operate a chain of manufacturing plants worldwide, slightly over a year after it was first announced.

The 50-50 venture will buy technology and a plant in South Korea for US$640 million, higher than the previously stated US$595 million.

The plant in the industrial city of Ulsan will produce a range of high performance plastic products using SK's cutting-edge Nexlene technology, which offers properties such as good impact strength, enhanced toughness and transparency, and low heat-seal temperature. These products will include metallocene linear low-density polyethylene, and polyolefin plastomers and elastomers for industries ranging from flexible …