Advanced ​to start operating Korea-based propylene plant in 2016, says chairman

Advanced Petrochemical Company’s Korea-based PDH plant, which produces propylene, will start ​operating commercially in the first quarter of 2016, bolstering future profit, said Khalifa Al-Mulhem, chairman of the company.

The company’s fourth quarter profit has improved because of a 25 percent drop in feedstock prices resulting from the decline of oil prices, while propylene fell only 15 percent, Al-Mulhem said in an interview with Al Arabiya news channel.

The company’s profit advanced 24 percent to SAR 200 million in the fourth quarter year-on-year, according to data available on Argaam.

The company’s equity valuation has lost SAR 11 million, Al-Mulhem added, noting that investing in the stock market has become more attractive at such a level.