MOSCOW (MRC) -- SK Global Chemical Co. has announced plans to sell its Nexlene polyethylene (PE) solution technology business to Sabic SK Nexlene Co., its equally owned PE joint venture with Sabic Industrial Investments Co., as per GV.
With the sale, for which a closing date was not given, SK will retain a 50% stake in the Nexlene assets through the joint venture with Sabic.
Sabic SK Nexlene has a 230,000-t/y metallocene linear low-density PE plant in Ulsan, South Korea, which is expected to begin commercial production during the second half of this year.
The venture has said it plans to build a second plant based on the Nexlene technology in Saudi Arabia, and, over time, expects to establish production bases globally.
As MRC wrote before, Sabic has recently broadened its SABIC PCG portfolio for healthcare with the addition of a new LDPE grade to help the global IV packaging industry benefit from consistent and reliable supply.
Saudi Basic Industries Corporation (Sabic) ranks among the worldпїЅs top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
MRC