Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- Lebanon receives preliminary approval to increase World Bank loan to $400m
- China Exempts Some Goods from US Tariffs to Limit trade War Pain
- Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as 9th year milestone marked
- Foreign investors remain net buyers of GCC stock market in first quarter
- Quarterly earnings announcement, tariff hold supports QSE index rise
- Gold prices drop more than 1%
- Saudi Arabia's Vision 2030 enters final phase with strong momentum
- Saudi Arabia takes part in European Economic Congress
- UAE jobs: Etihad Airways to hold career fair for Emiratis on May 22
- Adnoc Distribution to operate 500 high-power EV chargers by 2028
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 |
|---|---|---|
| SABIC | 62.00 | 0.80 (1.30 |
| MAADEN | 47.00 | 2.55 (5.73 |
| SABICAGRINUTRIENTS | 103.20 | -0.40 (-0.39 |
| MARBLEDESIGN | 76.00 | -0.70 (-0.92 |
| LIMEINDUSTRIES | 12.86 | 0.64 (5.23 |
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia