Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Finance minister: All Vision 2030 projects have sustainable funding that won't affect public finances    Crown Prince announces medium-term debt strategy to diversify funding sources "A resilient economy capable of overcoming challenges reflects progress towards achieving Vision 2030 goals"    'No excuses' for Israel to not accept ceasefire deal, EU foreign policy chief says    Alkhorayef highlights role of National Initiative for Global Supply Chains in boosting Saudi economy    Saudi Arabia signs investment deals worth SR35bn with foreign firms to strengthen global supply chains    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Riyadh Season draws 8 million visitors in 6 weeks    Saudi FM attends Quadripartite meeting on Sudan in Italy    Gangsters block aid distribution in south Gaza    Russian deserter reveals war secrets of guarding nuclear base    Georgia's new parliament opens first session amid mass protests and boycott    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



One of world's largest petrochem complex to rise in Jubail ‘soon'
Published in The Saudi Gazette on 24 - 07 - 2011

Saudi Aramco and Dow Chemical Co. plan to finalize the details of a joint venture in the next few weeks to build one of the world's largest petrochemicals complex in Saudi Arabia, sources said Friday.
The joint venture will give Dow access to cheap Saudi gas feedstock and proximity to customers in Asia, Africa and Europe.
Saudi Aramco gets a dedicated revenue source for the foreseeable future, part of its plan to expand its petrochemical industry and diversify away from oil alone.
The project, announced in 2007, will come together by the end of this month or early August, giving the green light for construction to begin, sources said.
Aramco and Dow Chemical both said earlier that the proposed joint venture petrochemical project continues to make progress with the front-end engineering and design (FEED) work expected to be completed in mid-2011.
They confirmed that they have decided on Jubail Industrial City as the planned site location for the project.
The decision comes after having evaluated a broad set of variables, which includes anticipated infrastructure benefits and various potential business integration opportunities.
Jubail Industrial City is the largest industrial complex of its kind in the world.
“This project will leverage our largest refining asset and enhance its profitability by capitalizing on the value addition opportunities and synergies existing between refining and petrochemicals,” former Saudi Aramco president & CEO Abdallah S. Jum'ah said when an MoU was signed between the two companies in 2007.
Eng. Khalid Bin Abdulaziz Al-Faleh replaced him as the new President and and CEO of Aramco effective from Jan. 1, 2009.
“The wide range of chemical materials and plastics to be produced by the joint venture will help spawn other downstream chemical conversion industries, thus strengthening the role of the chemical sector as a key enabler of many other future investments in the Kingdom of Saudi Arabia,” Jum'ah added.
“The downstream industries to be fed by the materials to be manufactured by the joint venture will assist in further expanding the national economic base while promoting economic diversification and capitalizing on the vast job creation potential of these industries.”
Abdulaziz Al-Judaimi, Saudi Aramco's Vice President responsible for the project said: “We continue to execute the project. The commitment of both partners demonstrates the strategic importance of this project and the benefits of investing in the Kingdom of Saudi Arabia.”
Dow Senior Vice President Jim McIlvenny said: “The project has and continues to benefit from the shared dedication and hard work of top talent from Dow and Saudi Aramco. The project team will continue to evaluate all variables that could impact the ultimate investment decision and the relevant stakeholders.” Major contracts on their $18 billion petrochemical JV at Jubail to US and South Koran firms.


Clic here to read the story from its source.