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FINANCIAL NEWS
Saudi Aramco sets USD20b JV with Dow Chemical
26 Jul 2011
(MENAFN) Saudi Aramco’s President and CEO, Khalid Al-Falih, revealed that the company signed an agreement for a joint venture with Dow Chemical Co that would involve developing and running an integrated chemicals complex in Jubail Industrial City, reported Arab News.
Al-Falih said that the new project sets up “Sadara Chemical Company”, which would develop one of the world’s largest chemical facilities with a production capacity of over three million metric tons of chemical products and plastics on an annual basis.
The CEO said that work on development would begin immediately, and that the project is expected to be completed in late 2015.
Al Falih noted that the deal’s worth amounts to USD20 billion.
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