SK가스, 18억불 규모 사우디 프로판 탈수소(PDH) 플랜트 프로젝트 수주 Saudi’s Advanced Petrochemical, SK Gas to build plants worth $1.8bn

Saudi’s Advanced Petrochemical, SK Gas to build plants worth $1.8bn

Subsidiary AGIC and SK Gas have formed a joint venture named Advanced Polyolefins Company to work on the project

by Ranju Warrier30 Mar 2020

Saudi Arabian Stock Market-listed Advanced Petrochemical Company has signed a deal with South Korea’s SK Gas to construct and operate a propane dehydrogenation (PDH) and polypropylene (PP) plants in the kingdom’s Jubail Industrial City, with the project value being $1.8bn (SAR6.8bn).

The plants will be built in the kingdom’s Jubail Industrial City

SK가스, 18억불 규모 사우디 프로판 탈수소(PDH) 플랜트 프로젝트 수주 현지업체와 합작법인 설립   사우디 주식시장에 상장된 석유화학회사인 한국의 SK가스와 사우디 어드밴스드 페트로케미컬사가 18억불 규모 주페일 산업도시에 프로판 탈수소(PDH)와 폴리프로필렌(PP) 공장을 건설 및 운영하는 계약을 체결했다. 증권가에서 동사는 자회사인 AGIC와 SK가스가 합작법인을 설립한다고 말했다. 이 공장들은 함께 연간 84만3000t(76만4756.7t)의 프로필렌과 80만t(72만5747.8t)의 폴리프로필렌을 생산할 수 있는 명판 용량을 갖게 된다. 동사에 따르면, 프로젝트의 자금의 25%는 주주들로부터 자본으로 확보하고 나머지 75%는 새로 구성된 JV에 의해 자금을 조달받게 될 것이며, 대부업체들로부터의 차입으로 조달예정이다 AGIC는 모기업인 선진석유화학회사가 출자하는 JV의 지분 85%를, 나머지 15%는 SK가 소유하게 된다. 황기철 콘페이퍼 에디터 큐레이터 Ki Chul Hwang, conpaper editor, curator

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In a stock market missive the company said that its subsidiary Advanced Global Investment Company (AGIC) and SK Gas have formed a joint venture (JV), Advanced Polyolefins Company, which will work on the plants.

Together the plants will have a nameplate capacity to manufacture 843,000 tons per year (764,756.7 tonnes) of propylene and 800,000 tons per year (725,747.8 tonnes) of polypropylene.

SK Advanced polypropylene plant in Ulsan. [Photo provided by SK Gas Co.]

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According to the company, 25% of the finance for the project has been secured by equity from shareholders and remaining 75% will be financed by the newly formed JV, with borrowing from lenders.

AGIC will own 85% stake in JV, which will be financed by the parent firm Advanced Petrochemical Company, while the remaining 15% will be owned by SK Gas.

Additionally, AGIC has also signed a conditional land allocation letter with Royal Commission in Jubail 2 for the project.

Meanwhile, for the project, AGIC has also inked a license agreement with US-based Lummus Technology for the supply of CATOFIN Technology for 843 KTA PDH plant.

Two other license agreements have also been signed with Italy’s Basell Poliolefine Italia, for the supply of SPHERIPOL Technology and SPHERIZONE Technology for two PP plants with capacity of 400 KTA each.

Saudi Aramco will supply propane on a long-term basis for the project, project management consultants for which has also been selected.

Construction work on the plants is expected to being in 2021.

The company said: “The financial impact of the above investment is expected after the commencement of commercial operations of the project by H2 of 2024.”

constructionweekonline.com

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