SK Gas Corp's propane dehydrogenation project in Ulsan attracts US$100 mln from Kuwait's PIC

22-Jan-16

SK Gas Corporation has attracted US$100 mln (120.65 bln won) from Kuwait's Petrochemicals Industries Company (PIC) in its ongoing propane dehydrogenation (PDH) project in Ulsan, as per www.businesskorea.co.kr. The company, at its board meeting, decided to sign a 116.3 billion won (US$96.39 mln) deal to sell 850,000 shares in SK Advanced Co. to PIC at the price of 136,852 won (US$113.43) per share. It also said that it will sign a formal contract for stake sale with PIC on the 21st. Accordingly, SK Gas has additionally attracted an investment worth US$100 million (120.65 billion won) for the PDH project, following a US$135 million (162.88 billion won) investment from Advanced Petrochemical Company (APC, a Saudi Arabian Joint Stock Company, in September 2014.With the latest stake sale, SK Advanced will be a joint venture between SK Gas, APC and PIC. SK Gas will hold a 45% share, while APC and PIC own 30% and 25%, respectively. The gross capital is 400 billion won (US$331.54 million).