Kuwait to buy 25pc stake in Korea-Saudi venture

19/01/2016 13:55 AST

Kuwait's Petrochemicals Industries Company (PIC) has agreed to buy a 25 percent equity stake in a venture owned by South Korea's SK Gas Co Ltd and Saudi Advanced Petrochemical Co, shareholders of the three firms said.

PIC, a subsidiary of state oil giant Kuwait Petroleum Corp, will invest in SK Advanced, which is building a 600,000 tonnes per year propane dehydrogenation (PDH) project in South Korea.

SK Gas is a liquefied petroleum gas (LPG) distributor.

In a statement on Tuesday, SK Gas said PIC paid $100 million for the stake.

SK Advanced will be operated as a three-party venture with SK Gas retaining a 45-percent stake, Saudi Advanced's AGIC holding 30 percent and PIC owning 25 percent.

Saudi Advanced had previously invested $135 million for a 35 percent stake. It said in a statement on the Saudi stock exchange that its subsidiary AGIC had agreed to sell a 5 percent stake, reducing its holding to 30 percent.

The impact of the sale will generate SR16 million ($4.3 million) for Saudi Advanced which will be reflected in its first quarter results.

Saudi Advanced said trial operations of the South Korean project would start in the first quarter of this year. SK's statement said commercial operations were expected to start from March this year.


Reuters

News

Saudi Advanced Petrochemical revenue up 8pc in Q1

14/05/2017

Saudi-based Advanced Petrochemical Company (APPC) has reported a eight per cent growth in its revenue for the first quarter to SR526.2 million ($140.2 million) compared to the same period last year d

Trade Arabia

Advanced Petrochem recommended 7.5% cash dividends for 2Q 2015

26/05/2015

The Board of Directors of Advanced Petrochemical Company in their meeting held on May 26th 2015 reviewed the financial and operational performance of the Company and has recommended to distribute div

Tadawul

Saudi's petchem firm resumes production

24/03/2015

Saudi Arabia's Advanced Petrochemical said on Monday it had restarted production at its propylene and polypropylene plants after scheduled maintenance.

Full operational capacity at the two

Reuters

Most Viewed Companies

Ticker Price Volume

Valuation

ADVANCED Sector Market
P/E
Price/BookValue

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
MAADEN 68.80 -0.05 (-0.08%)
SABIC 58.35 -0.40 (-0.69%)
SABICAGRINUTRIENTS 150.00 -6.00 (-3.85%)
YANSAB 34.04 -0.86 (-2.47%)
LUBEREF 109.50 1.60 (1.48%)

Recent News

Aamal Company plans new investments this year; growth prospects 'very bright' across sectors

22/04/2026

Aamal Company is making new investments this year as it finds growth prospects across all its business divisions as "very bright"

"Given the relative stability of Qatar`s economic landscape

Gulf Times

UDC posts QR71mn net profit on QR459mn revenues in Q1

22/04/2026

United Development Company (UDC) reported a net profit of QR71mn on revenues of QR459mn in the first three months of 2026.

The net profit attributable to the equity shareholders stood at QR7

Gulf Times

Gulf Bank launches a special offer for Kuwaiti Salary Account customers

22/04/2026

Gulf Bank has launched a special offer for Kuwaiti government salary account customers, through which customers can receive a cash welcome gift of up to KD 1,200 when transferring their salary to Gul

Kuwait Times

Nakilat reports $120.43m net profit for Q1

22/04/2026

Qatar Gas Transport Company (Nakilat) achieved a net profit of QAR439 million ($120.43 million) for the first quarter ended March 31, 2026, compared to QAR433 million for the same period of 2025.

Trade Arabia

GWC posts steady Q1 profit despite supply chain disruption

22/04/2026

Qatar-based Gulf Warehousing Company (GWC Group) has reported a net profit of QR33.7 million ($9.3 million) for the first quarter of 2026, while its gross revenues hit QR318 million ($86.3 million),

Trade Arabia

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap