Saudi Arabia's Advanced Petrochemical Company said that it is planning to add a 70,000 tonnes per annum capacity Isopropanol (IPA) plant as part of its joint venture project in Jubail Industrial City.
In March, Advanced had announced that its subsidiary Advanced Global Investment Company (AGIC) has signed a shareholders' agreement with Singapore-headquartered SK Gas Petrochemical (SKGP), a subsidiary of South Korea's SK Gas Co, to set up Advanced Polyolefins Company to manufacture propylene and polypropylene.
In its statement to the Saudi stock exchange, Advanced said that the shareholders agreement between AGIC and SKGP has been amended to include IPA plant.
The statement said the new plant would cost an estimated $80 million (300 million Saudi riyals), adding that the total cost of the entire project, comprising of PDH, PP and IPA facilities, is currently estimated to be approximately $1.88 billion (7.05 billion riyals).
