RIYADH: Saudi Basic Industries Corporation (SABIC) plans to build a petrochemicals plant in the city of Jubail on the gulf coast in the Eastern Province, after a similar plant in South Korea starts production by year-end, CEO Yousef Abdullah Al-Benyan told Asharq TV on Tuesday.
Al-Benyan added that the company views the Korean market as an opportunity to expand in Asia.
The announcment came asÌýº£½ÇÖ±²¥â€™s crown prince held talks with the President of South Korea at the Al-Yamamah Palace in Riyadh on Tuesday.
During their meeting, Crown Prince Mohammed bin Salman and Moon Jae-in reviewed bilateral relations between the two countries and ways to support and enhance them in all fields.
Also on Tuesday,ÌýSaudi Aramco saidÌýit had signed 10 agreements during aÌýSaudi-Korean investment forum held in conjunction with the president's visit.
A $2 billion Saudi-Korean joint venture, SABIC SK Nexlene Co., is nearing completion, head of SABIC said.
Production will start before the end of this yearÌýwith a capacity of one million tons of various petrochemical materials, according to Youssef Al-Benyan,ÌýArgaam reported citing Asharq.
* With Reuters
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