Nov 29 2011 |
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Dow Chemical Says Forms Sadara JV With Saudi Aramco
Tuesday, Nov 29, 2011
(This story was originally published Monday.)
RIYADH (Zawya Dow Jones)-- Dow Chemical Co. (DOW) said Monday that it has officially formed its joint venture Sadara Chemical Co., with state-giant Saudi Arabian Oil Co., or Saudi Aramco , to build one of the world's largest chemicals plants in the oil-rich kingdom's Eastern Province on the Persian Gulf coast.
The Sadara board has eight members including Abdullatif al-Othman, senior vice president, engineering and project management, Saudi Aramco as board chairman and James McIlvenny, Dow senior vice president, as the Deputy Chairman, the U.S. firm said in an emailed statement.
Sadara will produce polyeurethanes, propylene oxide, propylene glycol, elastomers, linear low-density polyethylene, low density polyethylene, glycol ethers and amines.
Last month, Abdulaziz Al Judaimi, Aramco's vice president responsible for chemicals, told reporters in Dammam that the joint venture will award all engineering, procurement and construction, or EPC, contracts on its $20 billion petrochemical complex by the second quarter next year.
About 50% of the capital investment amount is already under contract and "the rest are being tendered. And the awards will be first quarter and second quarter of next year," Al Judaimi said.
The Sadara project represents Aramco's second major investment in a large-scale petrochemical complex in the kingdom, where it is already involved in a joint venture with Sumitomo Chemical Co.(4005.TO) at Rabigh on the Red Sea.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-11-11 0351GMT
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