Saudi Basic Industries Corp. (SABIC) said on Sunday its affiliate SABIC Industrial Investments has signed a $640 million deal to set up a joint venture with Korean Global Chemical Company to produce high grade polyethylene products.

 

SABIC said in a statement to Tadawul that the new project will be located in Singapore and will be financed through its own funds and commercial loans.

 

Financial impact cannot be assessed at present, the petrochemicals producer added. 

 

Nexlene Polyethylene Joint Venture

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