RIYADH- Saudi Basic Industries Corporation “SABIC” and South Korean Chemicals Inc. International Ltd., signed in the Korean capital of Seoul yesterday(May 26th) a joint venture agreement to manufacture a set of high quality polyethylene products, by using the technology (Niekslin ™), and they are now working to obtain regulatory approvals.
The agreement was signed by SABIC’s Vice Chairman of Board of Directors and Chief Executive Officer Engineer Mohamed bin Hamad Al-Mady while the South Korean company was represented by its Vice Chairman of Board of Directors and Chief Executive Officer Ja-Young Ku.
It is worth mentionening that the $ 595 million joint venture is owned equally between the two parties.-SPA