PIC Celebrates the First Anniversary of SK picglobal
PIC is pleased to celebrate the first anniversary of SK picglobal, a joint venture that manufactures and markets propylene oxide and derivative materials. On March 1, 2020, PIC entered into the venture with SKC, a leading specialty materials company and a member company of SK Group in South Korea, to strengthen its diversified position in olefins by expanding into propylene downstream derivatives. By partnering with a high-quality partner like SKC, PIC can grow businesses and further strengthen its strategic position.
On the first anniversary, Mutlaq Rashid Al-Azmi, CEO of PIC, commented, “We are pleased with SK picglobal’s performance in the first year of joint venture. Despite all the challenges created by COVID-19, SK picglobal turned in outstanding business and financial results for 2020.”
KD Won, CEO of SK picglobal, commented on the first year of joint venture operation, “We are thankful for PIC’s support and encouragement which was crucial for our success in 2020. We are also thankful for our employees for their contribution and dedication in overcoming the business challenges and delivering the solid results in 2020. We progressed well during the pandemic by gaining new customers and market share at globally leading brands for propylene glycol products. We maintained solid market position for propylene oxide in North Asia.”
SK picglobal has aggressive goals to double its core propylene oxide and derivatives business in 5 years. KD Won also commented on the first anniversary, “In order to achieve our strategic goal, SK picglobal needs global partnerships with our shareholders and our customers around the world. Our shareholders’ support is essential for our growth strategy. We will continue to strengthen our competitiveness in global PO and derivative markets through trust-based collaboration with our customers. The high value markets for propylene glycol, one of PO derivatives, are steadily growing in responses to increasing demand for hygiene and personal care needs for improvement in quality of life. We will promote sustainable growth by diversifying our business portfolio based on our ESG management principles.”
Shafi Taleb Alajmi, Deputy CEO of Finance and Administration, commented, “PIC expects SK picglobal to be our vehicle for growth in downstream businesses. We are impressed with SK picglobal’s engineering and commercial capabilities, which serve well for achieving its strategic goals.”
About SK picglobal is a joint venture company between SKC, a SK Group member company based in South Korea, and Petrochemical Industries Company K.S.C., a subsidiary of Kuwait Petroleum Company. Based in South Korea, SK picglobal is a market leader for propylene oxide and its derivatives including propylene glycol. SK picglobal takes a great pride in helping its customers realizing their true value through its commercial network covering the world. SK picglobal has adopted ESG
Environmental, Social and Government as its key management principles for its pursuit of sustainable growth. Since 1987, SK picglobal has operated a successful business over 30 years. SK picglobal leads the global markets by its premier engineering process and technologies. It is the very first company in the world that commercialized HPPO process in 2008, considered to be the future technology of producing propylene oxide because of its eco-friendly nature of manufacturing. Propylene oxide is used as a key raw material for polyurethane materials having applications for automobile, home appliances, furniture and construction. Propylene glycol is an additive to pharmaceutical, cosmetics, and food products because of its environment-friendly nature.