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SK Global Chemical Signs Agreement with SABIC, Global Major Chemicals Company, to Strength its Presence at Polyethylene Market World Wide Contents
title SK Global Chemical Signs Agreement with SABIC, Global Major Chemicals Company, to Strength its Presence at Polyethylene Market World Wide
attachment date 2014-05-27 count 23262
SK Global Chemical Signs Agreement with SABIC, Global Major Chemicals Company, to Strength its Presence at Polyethylene Market World Wide
- SK Global Chemical and SABIC Signed Joint Agreement on Building Nexlene, Premium Polyethylene, Plant on 26th at Seoul
- Aims to become Global Top Premium Polyethylene Provider by 2020 by Establishing Global Manufacturing Plant
- CEO of SKGC said “Starting with launch of Nexlene, we will aggressively participate in high-end petrochemicals market”

SK Global Chemical (CEO: Cha Hwa Youp, www.skglobalchemical.com) signs agreement with SABIC, global major chemicals company, to strength its presence at polyethylene market world wide.

SK Global Chemical announced on 27th, Monday, that SK Global Chemical and SABIC, Saudi National Petrochemicals Company, signed a joint venture agreement in Seoul, South Korea, on May 26 for a total investment of US$ 595 million to manufacture a range of high-performance polyethylene products using SK’s cutting edge Nexlene™ solution technology. The agreement was signed by Mohamed Al-Mady, SABIC Vice Chairman and CEO, and Ja-Young Koo, SK Innovation Vice Chairman and CEO, and is subject to regulatory approval.
Followed by this agreement, the 50-50 joint venture company will be established in Singapore. Addition to the first Nexlene manufacturing plant, at SKGC complex in Ulsan, South Korea, a second plant is planned for Saudi Arabia. Over time, production bases will be established worldwide. By partnering up, the JV company aims to become global top premium polyethylene player.
Nexlene is brand name of SK’s proprietary solution package that is consisted of 100% in-house developed catalyst, process, and product technology for premium polyethylene. It can be used to make high value-added films, automotive and shoe interior materials, and cable insulators. Premium polyethylene has higher resistance, transparency, and processibility than conventional polyethylene, and the market is currently dominated by Dow Chemical, Exxon Mobil, and Mitsui, which in all account for about 60 percent of the market.
Al-Mady, SABIC CEO, commented, “We are happy to establish this partnership with SK Global Chemical and bring the best in advanced material science closer to our expanding customer base in Asia. The joint venture is a clear demonstration of our commitment to continually deliver efficient, technology-based solutions to our customers and further improve the way we face major growth markets.”
Cha Hwa Youp, SK Global Chemicals CEO, said, “Nexlene will serve as a growth engine for both of our companies. The joint venture will continue to upgrade Nexlene Technology and set up production bases at locations that exhibit competiveness in the advanced polyethylene industry.”
SK Global Chemical completed first Nexlene manufacturing plant in Ulsan CLX, South Korea, with an expected annual capacity of 230,000 tons. It has been operated from May 19.

하단 텍스트 참조

[The agreement was signed by Mohamed Al-Mady, SABIC Vice Chairman and CEO, and Ja-Young Koo, SK Innovation Vice Chairman and CEO]

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하단 텍스트 참조

[Nexlene Joint Venture of SK Global Chemical & SABIC]

하단 텍스트 참조

[Scenery of Nexlene manufacturing plant in Ulsan CLX]

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