SABIC SK Nicholson Plant, Launched in S. Korea, Similar(s), in Jubail

The Saudi-Korean joint venture SABIC SK Nicholson, located in the city of Ulsan, in the Republic of South Korea, with investments amounting to $2billion, is nearing completion, and production is expected to start before the end of this year, with a capacity of one million tons of various petrochemical materials, Youssef Al-Benyan, Vice Chairman and CEO of SABIC, announced.

Revealing that with the start of production; “We will start establishing similar factories, in the city of Jubail.

This was unfolded on the sidelines of the “Saudi-Korean Investment Forum” held in Riyadh, on the occasion of the visit of South Korean President Moon Jae-in to the Kingdom.

The forum witnessed the signing of an array of accords among major authorities and companies from the two countries, most notably: Memo of Understanding between Samsung and Aramco.

A memo of cooperation between the Korean Export-Import Bank and Aramco.

A memo of understanding between the Saudi Ministry of National Guard and the Korean company Easy Tech.

A memo of cooperation between Samsung and the Saudi Public Investment Fund (PIF).

A cooperation agreement between the Saudi Black Arrow company and the Korean Kumho.

A memo of understanding between Aramco and the Saudi Arabian Industrial Investments Company (Dusur) on one hand, with the Korean Doosan, on the other.

A cooperation agreement between ACWA Power and Saudi Electricity, on one hand, with the Korean KEPCO, on the other..

An agreement between Roshen, a subsidiary of the PIF, and Samsung.

It is noteworthy that PIF, POSCO and Samsung CT have co-signed a tripartite memorandum of understanding, aimed at developing a project to produce green hydrogen for export purposes, earlier.

Samsung C It is a specialized company, operating in engineering construction, exchange and commercial investment, while Posco is among the largest steel manufacturers, in the Republic of Korea, of which PIF has acquired 38% of its shares, in 2015.