# SKC and PIC to form $1.2B propylene chemicals JV

SKC Co. will spin off its PO and PG operations and form a joint venture with Kuwait's Petrochemical Industries Company (PIC) worth $1.2 billion. SKC will own 51% and sell the rest to PIC, with the JV also taking a 45% stake in SKC Evonik Peroxide Korea.

- Type: Partnership
- Announced: 2019-08-08
- Where: South Korea
- Value: $1.20B
- Status: announced
- Products: propylene oxide, propylene glycol, hydrogen peroxide
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [SKC Co.](https://endata.com/companies/22921.md)
- [Evonik](https://endata.com/companies/15139.md) (partner)
- [Petrochemical Industries Company](https://endata.com/companies/41214.md) (partner)

## Sources

- [pulse.mk.co.kr](https://pulse.mk.co.kr/news/english/8932204), 2019-08-08: "SKC, chemical unit under Korea's third largest conglomerate, disclosed Wednesday that its board approved a plan to spin off propylene oxide (PO) and propylene glycol (PG) operations and establish a JV with PIC."

---
Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.