Riyadh-Mubasher: Advanced Petrochemical Co. (APC) said Petrochemical Industries Co. (PIC), a wholly-owned subsidiary of Kuwait Petroleum Corp. (KPC), will be admitted as a third partner in its South Korean joint venture SK Advanced Co.
PIC will acquire a 25% equity in the JV, and it was agreed that Advanced Global Investment Co. (AGIC) will sell 5% of its equity ownership in the JV, Advanced said in a bourse statement on Tuesday.
Accordingly, the new ownership structure of the JV will be: 45% owned by SK Gas, 30% by AGIC and 25% by PIC.
The SAR 16 million gain recorded by AGIC from selling a 5% stake is expected to be booked in the first quarter of 2016, subject to completion of regulatory procedures.
The trial operations of the plant will likely kick off in the first quarter of 2016.
