Advanced Polyolefins, a subsidiary of Advanced Petrochemical (2330), secured financing of SAR 6.1 billion, for the establishment of gas processing plants for propane, polypropylene, and isopropanol in Jubail Industrial City in KSA.
Advanced indicated that this financing comes in the wake of the signing of many Islamic facilities agreements announced on July 6th.
Advanced Polyolefins is a joint venture between Advanced Global Investment Company, a subsidiary of Advanced Petrochemical, and SK Gas Petrochemicals, a subsidiary of SK Gas Limited.
The joint venture aims for the production of 843 thousand tons of propylene, 800 thousand tons of polypropylene, and 70 thousand tons of isopropanol per year.
More than 45% of the project’s engineering, procurement, and construction have been completed as of November 2022.
Commercial operations are expected to begin by H2 2024.