International law firm Ashurst advised Petrochemical Industries Co. K.S.C. (PIC) on its joint venture with SKC Co. (SKC), involving the acquisition of a 49% stake in SKC’s chemical business, including propylene oxide (PO) and propylene glycol (PG), and related joint venture arrangements.
PO is a base material for PPG (polyol) used in interior materials for automobiles, and PG is used in cosmetics and medicine.
Lead Partner Simon Fraser said: “We are privileged to have assisted PIC with this important transaction, and the establishment of the strategic joint venture with SKC. The transaction builds further PIC’s capacity in downstream derivatives, and is an important step towards KPC’s 2040 petrochemical strategy.”