Kuwait’s Petrochemicals Industries Co (PIC) is said to have paid US$100mn for the minority share in South Korea’s SK Advanced
PIC has decided to buy a 25 per cent stake in SK Advanced, a venture of the South Korea-based LPG distributor SK Gas Co Ltd. SK Advanced had recently built a 600,000 MT per year propane dehydrogenation (PDH) project. PIC is said to have paid US$100mn for the 25 per cent share.
The other major investors of SK Advanced include Saudi Advanced’s AGIC (30 per cent) and SK Gas that retains the majority 45 per cent share. AGIC had earlier held 35 per cent stake of which they sold five per cent, generating an expected US$4.3mn.
The trial operations are expected to begin by Q1 this year and the plant is anticipated to begin commercial operations by March.
