Oct 08 2011 |
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Dow Chemical, Saudi Aramco Mega JV To See $10B Revenues In 5 Yrs
Saturday, Oct 08, 2011
DHAHRAN, Saudi Arabia (Zawya Dow Jones)-- Dow Chemical Co.'s (DOW) top executive said Saturday a planned mega chemical joint venture with Saudi Arabian Oil Co. would generate revenues to the tune of $10 billion within five years, making the company the equivalent of a Fortune 250 company.
"Five years from now, we expect the venture to be the equivalent of a Fortune 250 company, generating over $10 billion in annual revenue while spurring job growth in the kingdom and abroad," Andrew Liveris, Dow's chairman and chief executive officer, said at the signing ceremony of the project in Dhahran in the Saudi Arabia's Eastern Province.
State-run Aramco, the world's biggest oil company and Dow signed an agreement earlier Saturday to build one of the world's largest chemicals plants in the oil-rich desert kingdom.
Construction of the 26 plants that will make up the complex--known as Sadara Chemical Co .--is scheduled to begin immediately, with first output due to come on line in the second half of 2015 and full operation scheduled for the following year.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
08-10-11 0900GMT
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