Advanced Petrochemical Company announces the signing of a memorandum of understanding with (SK Gas) Company for setting up a state-of-the-art Propane Dehydrogenation (PDH) plant in South Korea as following:
1.Signed the Memorandum on 12-03-2014.
2.MOU will be effective from 12-03-2014 for One yearor execution of the Joint Venture Agreement, whichever is earlier.
The project cost is estimated to be approx. US$ 900 million (approx. 3,375,000,000 SR.) Advanced or its subsidiary (Advanced Global Investment Company) will hold a minimum of 25% Equity stake. The Plant is scheduled to start up in 1st Quarter 2016, with a design capacity of 600,000 Metric Tons of Propylene per year.
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