ULSAN < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) South Korean chemicals firm SK Global Chemical Co. said Wednesday that it has completed the construction of a plant in the country that produces polyethylene products.

The plant in Ulsan, about 400 kilometers southeast of Seoul, will churn out 230,000 tons of high-end polyethlene annually, branded as "Nexlene."

Polyethylene products are widely used in the automotive, utilities, construction and other industries.

In July, SK Global Chemical, a unit of South Korea's oil refining and telecom conglomerate, SK Group, established a joint venture with Saudi Basic Industries Corp. (SABIC), one of the world's largest petrochemicals groups based in Saudi Arabia, to target the global polyethylene market.

The joint venture will build a Nexlene facility in Singapore and a second one in Saudi Arabia, they said earlier, without elaborating on detailed schedules.

It is the second time that SABIC has forged a joint partnership in Asia, following one with the China Petrochemical Corporation in 2009, SK Global Chemical said.

sam@yna.co.kr

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