SK Geo Centric will partner with Saudi Arabia’s global chemical company SABIC for a joint investment in a bid to achieve dominance in the market for high-performance chemical products as their demands grow.
SABIC SK Nexlene Company (SSNC), which is a joint venture established last 2015 between SK Geo Centric and SABIC, signed an MOU with Ulsan Metropolitan City on Aug. 23 at the Ulsan Metropolitan City Hall to invest in the construction and expansion of high-value chemical products plants, SK Geo Centric said.
Following the MOU between the two, SSNC will invest approximately 200 billion won through Korea Nexlene, its South Korean subsidiary, by July 2024, in the 1,322㎡ of land located at 1, Sapyeong-ro, Cheongnyang-eup, Ulju-gun, Ulsan, South Korea, to build and expand the plants for producing the high-performance polyolefin elastomer (POE).
The signing ceremony was attended by Mayor of Ulsan Kim Doo-gyeom, SSNC Chairman Sami Mohammed Al-Osaimi, and SSNC CEO Lee Tae-keun. Following the MOU, SSNC and Ulsan agreed to closely cooperate in vitalizing the regional economy, which is expected to happen as a result of the expansion of the global supply of high-performance chemical product Nexlene.
Nexlene is a high-performance product developed by SK Geo Centric in 2010 using ethylene as its raw material.