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Thu 4 Sep 2014 01:24 PM

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Saudi firm plans to invest $1bn in South Korean project

Advanced Petrochemical Co says it will invest in propane dehydrogenation project, a JV with SK Gas

Saudi firm plans to invest $1bn in South Korean project
(Photo for illustrative purposes only)

Saudi Arabia's Advanced Petrochemical Co plans to invest in a project worth around $1 billion to produce propylene in South Korea, the company said on Thursday.

The propane dehydrogenation (PDH) project, a joint venture with South Korea's SK Gas, is due to start up in the first half of 2016, Advanced said in a statement on the Saudi bourse.

The project will be financed 40 percent equity and 60 percent debt, the company said.

It will have an annual production capacity of 600,000 tonnes. Advanced will hold a 35 percent stake in the project.

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