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- Presight Q3 revenue up 15.3%; firm accelerates global expansion
- Abu Dhabi Islamic launches debut AED-denominated sukuk for investors
- Al Salam Bank delivers record profitability in Q3
- flynas launches "Saudi Experiences" to boost tourism, support communities
- Adnoc Gas records Q3 net income of $1.3bn, up 8pc
- Jacobs JV with AECOM to deliver design services for Riyadh's The Mukaab
- TAQA reports 9-month profit of $1.66bn
- Asian stocks rise with focus on Fed, tech as US government reopens
- KIPCO reports a net profit of KD 13.4 m for first 9 months
- Ahli Bank issues QAR 500 million bonds
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
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
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
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
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 59.50 | -1.55 (-2.54 |
| SABIC | 56.90 | -0.90 (-1.56 |
| SABICAGRINUTRIENTS | 119.60 | -0.60 (-0.50 |
| LIMEINDUSTRIES | 12.16 | 0.11 (0.91 |
| APICO | 36.92 | -0.08 (-0.22 |
14/11/2025
Presight AI Holding, a leading Abu Dhabi-based global big data analytics company powered by AI, has reported another period of strong performance for the third quarter driven by robust international
Trade Arabia
14/11/2025
Abu Dhabi Islamic Bank (ADIB), in collaboration with the Ministry of Finance, has launched the first UAE Dirham-denominated sovereign sukuk for individual investors via the ADIB Smart Sukuk Platform.
Trade Arabia
14/11/2025
Al Salam Bank has announced record profitability for the nine months ended September 30, marking another milestone in its transformation into one of the region's leading and fast-growing financial gr
Trade Arabia
14/11/2025
flynas, a low-cost airline in the Middle East, announced the launch of the "Saudi Experiences" initiative. This is in collaboration with the Saudi Tourism Authority.
The announcement was mad
Trade Arabia
14/11/2025
Adnoc Gas has announced its Q3 2025 results, achieving the highest third quarter net income in its history at $1.34 billion, an 8 per cent increase year-on-year.
Year-to-date net income reac
Trade Arabia
Financial Information Co.
Saudi Arabia