Saudi Basic Industries Corp, Sabic, said on Monday one of its units has entered into a $595 million 50-50 joint venture agreement with Korean petrochemical manufacturer SK Global Chemical for a refined oil products plant in Singapore. The joint venture between SABIC Industrial Investment Company and SK Global Chemical will own a plant that has been recently completed by SK at its complex in Ulsan, South Korea and will use cutting edge Nexlene technology, Sabic said in a statement.