Saudi Basic Industries Corp (Sabic) said on Monday it had entered into a $595 million 50-50 joint venture agreement with Korean petrochemical manufacturer SK Global Chemical to produce polyethylene products.

The venture will operate a plant that has been recently completed by SK at its complex in Ulsan, South Korea with an expected annual capacity of 230,000 tons, SABIC said in a statement.

A second plant is planned for Saudi Arabia and over time, production facilities will be established worldwide. The venture will be based in Singapore.  - Reuters