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Kuwait Petrochemical Industries Company (KPIC) has announced the signing of an agreement to acquire 49% of the chemicals business of Korean company SKC.
Hashem Hashim, CEO of KPC, told KUNA that the acquisition was part of KPC's strategy to strengthen its global investments in petrochemicals, particularly high-value specialty petrochemicals.
He explained that this participation contained a 45% stake in the Korean company (SKC Avonik Peroxide).
For his part, Mutlaq Al-Azmi, CEO of Petrochemical Industries Company, said in a similar statement to KUNA that this partnership was the worldwide launch of Petrochemical Industries Company (PIC) in the specialty petrochemicals business.
SKC is an international specialty chemicals company. Its annual turnover was approximately $ 2.5 billion and its badets of approximately $ 3.5 billion in the first quarter of this year. Propylene glycol is produced locally and exported to more than 60 countries.
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