Kuwait’s state-owned Petrochemical Industries Company (PIC) is to set up a chemical joint venture worth US$1.2 billion by March 2020 with SKC. SKC's board has approved a plan to spin off propylene oxide (PO) and propylene glycol (PG) operations and establish a JV with PIC. It will own a 51% and PIC will hold 49%. The partnership also allows the JV to command a 45% stake in SKC Evonik Peroxide Korea, a hydrogen peroxide making joint venture between SKC and German chemical company Evonik.
“This joint venture is based on the long-term trust developed through multiple strategic cooperative projects between KPC, PIC’s parent company, and SK Group. SKC and PIC aim to explore opportunities to further develop their PO business globally through this joint venture,” the company stated in a press release.