SK geo centric to build manufacturing plant in Ulsan with Saudi Arabia Sabic
SK geo centric is investing 200 billion won ($149 million) to build a chemical manufacturing plant in Ulsan with Saudi Arabia’s Sabic, the local chemical company announced on Tuesday.
The investment will be made through Korea Nexlene Company. Korea Nexlene Company is a wholly owned subsidiary of Sabic SK Nexlene Company (SSNC), a 50/50 joint venture between SK geo centric and Sabic established in 2015.
The latest investment of 200 billion won will be used to expand the production capacity of Korea Nexlene Company’s Ulsan plant to a 1,322 square meter (14,229 square foot) site. The manufacturing volume of Nexlene – a high-performance polyethylene first developed by SK geo centric – will be increased by 43% to 300,000 tons per year by July 2024, according to the company.
So far, SK geo centric and Sabic have invested a total of 605.1 billion won in Korean company Nexlene to build a 65,100 square meter production facility in Ulsan for Nexlene products, which are used in cars and solar panels.
More than 90% of Nexlene produced will be exported overseas, SK geo centric said.
The SSNC and the Ulsan Metropolitan City signed a memorandum of understanding at Ulsan City Hall on Tuesday, attended by Ulsan Mayor Kim Doo-kyum and SSNC Chairman Sami Mohammed Al-Osaimi.
“We expect SSNC’s investment to make a significant contribution to improving Ulsan’s position through core business development and local economy revitalization,” Kim said, pledging active support. to the project.
BY SHIN HA-NEE [[email protected]]