ID :
203651
Fri, 08/26/2011 - 11:11
Auther :
Shortlink :
https://oananews.org//node/203651
The shortlink copeid
SK Chemical begins work on Singapore plant
SEOUL, Aug. 26 (Yonhap) -- South Korean chemicals maker SK Global Chemical Co. said Friday that it broke ground for a petrochemical plant in Singapore that will serve as the company's production base in the Asian region.
Jurong Aromatics Corp. Pte. (JAC), a joint venture of SK Group's affiliates and other global firms, will funnel US$2.4 billion into the plant to be built in a petrochemical complex on Singapore's Jurong Island.
The plant will have an annual production capacity of 4 million tons of petrochemicals -- 2.6 million tons of refined oil products such as jet fuel and liquefied petroleum gas and 1.4 million tons of chemicals such as paraxylene and benzene, SK Global Chemical said.
The plant will begin operations in the third half of 2014, the company said.
SK Global Chemical said it has partnered with its sister companies such as SK Gas and SK Engineering & Construction Co. to set up a joint venture and held a controlling stake of 30 percent in the JAC.
SK Global Chemical also said that SK E&C signed a $950 million deal with JAC to build the plants in the complex and SK Energy Co. has agreed with JAC to transfer technology to operate a factory.
Once completed, the Singapore factory will lead SK Global Chemical to secure an annual 220,000 tons of paraxylene and 120,000 tons of benzene, helping expand its presence in the Asian market.
SK Energy will have a combined 430,000 tons of jet fuels, diesel and naphtha annually and SK Gas will secure an annual 170,000 tons of LPG from the petrochemical plant.
SK Global Chemical said the Singapore plant will give the company a foothold in the Southeast Asian and Chinese markets.
Shares of SK Innovation Co., the parent company of SK Global Chemical and SK Energy and South Korea's leading refiner, closed up 4.39 percent at 154,500 won ($143) on the Seoul bourse on Friday.
Jurong Aromatics Corp. Pte. (JAC), a joint venture of SK Group's affiliates and other global firms, will funnel US$2.4 billion into the plant to be built in a petrochemical complex on Singapore's Jurong Island.
The plant will have an annual production capacity of 4 million tons of petrochemicals -- 2.6 million tons of refined oil products such as jet fuel and liquefied petroleum gas and 1.4 million tons of chemicals such as paraxylene and benzene, SK Global Chemical said.
The plant will begin operations in the third half of 2014, the company said.
SK Global Chemical said it has partnered with its sister companies such as SK Gas and SK Engineering & Construction Co. to set up a joint venture and held a controlling stake of 30 percent in the JAC.
SK Global Chemical also said that SK E&C signed a $950 million deal with JAC to build the plants in the complex and SK Energy Co. has agreed with JAC to transfer technology to operate a factory.
Once completed, the Singapore factory will lead SK Global Chemical to secure an annual 220,000 tons of paraxylene and 120,000 tons of benzene, helping expand its presence in the Asian market.
SK Energy will have a combined 430,000 tons of jet fuels, diesel and naphtha annually and SK Gas will secure an annual 170,000 tons of LPG from the petrochemical plant.
SK Global Chemical said the Singapore plant will give the company a foothold in the Southeast Asian and Chinese markets.
Shares of SK Innovation Co., the parent company of SK Global Chemical and SK Energy and South Korea's leading refiner, closed up 4.39 percent at 154,500 won ($143) on the Seoul bourse on Friday.
