Establishing the Joint Venture “SK picglobal”
PIC Successfully Closes the Deal Aimed at Acquiring 49% of the Korean SKC Specialty Petrochemical Plants
The Petrochemical Industry Company (PIC) declared that it has successfully closed the deal of acquiring 49% of the existing specialty petrochemical plants owned by the Korean SKC, through establishing the PIC-SKC joint venture “SK picglobal” for producing specialty petrochemicals.
On this occasion, the Kuwait Petroleum Corporation (KPC) CEO, Eng. Hashem Sayed Hashem, stated that this acquisition comes in line with the KPC strategy aimed at enhancing its global investments in the petrochemical sector, particularly high value-added specialty petrochemicals based on advanced technology, and transferring these experiences to projects within the State of Kuwait in the future.
The PIC CEO, Eng. Mutlaq Rashid Al-Azmi, clarified that this partnership is the global breakthrough of PIC in the field of specialty petrochemicals, which aims to diversify the PIC’s portfolio of products to achieve optimal returns and reduce price fluctuation risks, in line with the PIC Strategy 2040 to expand its petrochemical operations globally.
Al-Azmi added that this achievement was the fruitful result of the efforts of Kuwaiti youth and the experience they enjoy in leading negotiations and acquisition process.
With assets of approximately 3.5 billion dollars, the Korean SKC is a global leader in specialty chemicals and ranks first in the propylene oxide and propylene glycol products in Korea, exporting its products to more than 60 countries.
Within the framework of implementing its strategy to expand petrochemicals through promising high-yield markets, the PIC entered the Korean market since 2016, holding 25% of the Korean SK Advanced to annually produce 600 thousand metric tons of propylene in partnership with SK Gas and Saudi Advanced Petrochemical Company, in addition to the recent acquisition which established SK picglobal for the production of specialty petrochemicals.