DL Chemical to Collaborate with Saudi Arabia on Establishing Polybutene Plant

Expecting Various Benefits in Export-Import, Trade Agreements, and Taxation

DL Chemical signed a business agreement on petrochemical business investment with the Saudi Ministry of Investment at the Saudi Investment Forum held at the Korea Chamber of Commerce and Industry in Seoul on the 17th. From the right: Kim Jong-hyun, Vice Chairman of DL Chemical; Khalid Al-Falih, Minister of the Saudi Ministry of Investment; Lee Chang-yang, Minister of Trade, Industry and Energy; Faisal bin Fadhil Alibrahim, Minister of the Saudi Ministry of Economy and Planning; Walid Al-Obaidi, Director General of the Ministry of Investment.

[Asia Economy Reporter Oh Hyung-gil] DL Chemical is joining hands with the Saudi Arabian Ministry of Investment to explore overseas investment opportunities.

On the 17th, DL Chemical announced that it signed a business agreement with the Saudi Ministry of Investment at the Saudi Investment Forum held at the Korea Chamber of Commerce and Industry in Seoul.

The signing ceremony was attended by Kim Jong-hyun, Vice Chairman of DL Chemical; Khalid Al-Falih, Minister of the Saudi Ministry of Investment; Faisal bin Fadhil Alibrahim, Minister of the Saudi Ministry of Economic Planning; Lee Chang-yang, Minister of Trade, Industry and Energy; and other officials from both sides and governments.

Before establishing a polybutene plant in Saudi Arabia, DL Chemical will evaluate the feasibility of the project, and the Saudi Ministry of Investment will lead cooperation from necessary government agencies and companies.

Saudi Arabia is the world's largest oil-producing country and ranks third in the global petrochemical market after the United States and China, rapidly growing based on low raw material costs. In particular, it is newly developing industrial complexes for producing high value-added petrochemical products together with petrochemical companies. Through this business agreement, DL Chemical will be able to seek new global investment opportunities following the acquisition of Crayton.

Vice Chairman Kim said, "This is recognition of DL Chemical's world-class polybutene production technology," and added, "We sincerely thank the Saudi Ministry of Investment for promising support for business opportunities that allow DL Chemical to leap forward globally, and we will actively pursue this opportunity."

Meanwhile, DL Chemical is the world's number one polybutene producer based on open market standards and the only domestic company that simultaneously produces general-purpose polybutene (C-PB) and high-reactivity polybutene (HR-PB), a special-purpose product, in a single plant. The HR-PB production technology is owned by only three companies worldwide.

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