Ashurst advises PIC on major petrochemical joint venture with SKC

The planned formation of a major petrochemical joint venture between Petrochemical Industries Company K.S.C. (PIC) and SKC Co., Ltd. (SKC) completed on February 29, 2020. PIC acquired a 49 per cent interest in the chemical business of SKC in South Korea after SKC completed a statutory carve-out of the business from SKC pursuant to Korean law and required regulatory approvals had been obtained.

Ashurst advised PIC on all key legal aspects of the transaction, including due diligence, transaction documentation, anti-trust and intellectual property.

Commenting, lead partner Simon Fraser said, “We are proud to have supported PIC with the formation of this important new petrochemical joint venture and look forward to its every success in the future. This transaction showcased the depth and breadth of Ashurst’s leading global capability in the oil and gas and petrochemical industries, bringing to bear specialists from our Middle East and Korea transactions teams, as well as the expertise of our intellectual property, anti-trust and regulatory teams around the world.”

Simon Fraser led the Ashurst team, with assistance from senior associate Matt Hartsuyker and associates Sara Malek and Rushal Noor (Corporate and M&A). The broader team including partner Huiyeon Kim and associates In Kim and associates Woo Kim and Judy Zhao (Korea team), senior associate Raquel Tarancon Plata, associate Johanna Armstrong and associate Will Keen (transition services), partner Kellech Smith (IP), and partner Neil Cuninghame, counsel Angie Ng and senior associate Christopher Eberhardt (Competition).