SKC to form JV with Kuwaiti firm
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18:17 August 07, 2019
SEOUL, Aug. 7 (Yonhap) -- SKC, a chemical unit of South Korean energy and telecom conglomerate SK, said Wednesday that it has decided to launch a joint venture with a Kuwaiti firm.
SKC will hive off its chemical business and sell 49 percent of the entity to Petrochemical Industries Co., an affiliate wholly owned by the state-run Kuwait Petroleum Corp.
The value of the deal was not immediately made known. SKC said the joint venture, valued at 1.45 trillion won (US$1.19 billion), will be officially launched by the first quarter of next year.
sam@yna.co.kr
(END)
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