Saudi Basic Industries Corporation (SABIC) said it had completed the formation of a joint venture with Korean petrochemical manufacturer SK Global Chemical Company to produce polyethylene products.
The total investment on the new Singapore-based unit will be about $640 million for the technology and plant construction, Sabic said in a statement.
The financial impact cannot be assessed yet, the petrochemical giant stated.
Sabic announced plans in May last year to operate the plant, recently completed by SK at its complex in Ulsan, South Korea, with an expected annual capacity of 230,000 tonnes.