Hanwha's talks with Saudi Aarbia for US$6.5 bln plant delayed

21-Jun-07
Hanwha Chemical Corp., in the process of negotiating a US$6.5 bln petrochemical project in Saudi Arabia, is facing some delays as Hanwha's chairman and owner is on trial for assault and kidnapping. Kim Seung-youn of South Korea's Hanwha Group, which owns Hanwha Chemical , was jailed a month ago in a high profile case. The final deal on total amount of investment and stake sharing, due for finalization by the end of this month or early next month, along with commencement of construction, has been delayed due to the current situation. Analysts say the petrochemical plant, which will produce ethylene and propylene by cracking naphtha produced with Saudi crude, will cut output costs by a third as Hanwha will be able to buy raw materials at local prices in Saudi, boosting sales.
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