RIYADH: Saudi Basic Industries Corporation (SABIC) plans to build a petrochemicals plant in the city of Jubail on the gulf coast in the Eastern Province, after a similar plant in South Korea starts production by year-end, CEO Yousef Abdullah Al-Benyan told Asharq TV on Tuesday.
Al-Benyan added that the company views the Korean market as an opportunity to expand in Asia.
The announcment came as Saudi Arabia’s crown prince held talks with the President of South Korea at the Al-Yamamah Palace in Riyadh on Tuesday.
During their meeting, Crown Prince Mohammed bin Salman and Moon Jae-in reviewed bilateral relations between the two countries and ways to support and enhance them in all fields.
Also on Tuesday, Saudi Aramco said it had signed 10 agreements during a Saudi-Korean investment forum held in conjunction with the president's visit.
A $2 billion Saudi-Korean joint venture, SABIC SK Nexlene Co., is nearing completion, head of SABIC said.
Production will start before the end of this year with a capacity of one million tons of various petrochemical materials, according to Youssef Al-Benyan, Argaam reported citing Asharq.
* With Reuters