Snow blankets northern Saudi region of Al-Jouf    Syrian Air to resume operation between Damascus and Jeddah on Nov. 7 after a hiatus of 8 years    21,370 illegal residents arrested in a week    Bronze Age town discovered in Khaybar Oasis    New mechanism for reviewing taxi fares via applications    Harris and Trump in dead heat as Election Day nears    Spain flooding one of many global extreme weather disasters: UN weather agency    EU braces for potential shifts in transatlantic relations ahead of US presidential election    Israeli army nearing end of ground offensive in southern Lebanon, reports indicate    Al Hilal sets record for longest unbeaten streak across all domestic competitions    Al Nassr and Al Hilal share points in intense Riyadh Derby draw    Riyadh's Sports Boulevard receives Platinum ActiveScore certifications    ImpaQ: Riyadh to host first Impact Makers Forum in December    Saudi Arabia ranks 12th globally in international visitor spending in 2023    Hidden sugars in Asia's baby food spark concerns    Saleh Al Shehri strike seals Al Ittihad's Sea Derby win over Al Ahli    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Derby Week makes its debut in the Roshn Saudi League    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    Indonesia Days event celebrates cultural diversity at Al Suwaidi Park    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    Muted Eid celebrations for millions of Nigerian Muslims    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.



Aramco, Dow JV to drive downstream industries, support Kingdom growth
Published in The Saudi Gazette on 09 - 10 - 2011

Saudi Aramco President and Chief Executive Officer Khalid A. Al-Falih and Dow Chairman and Chief Executive Officer Andrew N. Liveris sign the landmark agreement in the presence of Ali Ibrahim Al-Naimi, Saudi Minister of Petroleum and Mineral Resources and Chairman of Saudi Aramco; Dr. Ibrahim Al-Assaf, Saudi Arabia Minister of Finance; Prince Saud Bin Abdullah Bin Thunayan, Chairman of the Royal Commission for Jubail and Yanbu; and Prince Faisal Bin Turki Bin Abdulaziz Al-Saud, Adviser, Ministry of Petroleum and Mineral Resources.
JEDDAH – Saudi Aramco President and Chief Executive Officer Khalid A. Al-Falih and Dow Chairman and Chief Executive Officer Andrew N. Liveris Saturday signed in Dhahran the joint venture (JV) shareholders' agreement for the $20 billion Sadara Chemical Co.
Ali Ibrahim Al-Naimi, Saudi Arabia Minister of Petroleum and Mineral Resources and Chairman of Saudi Aramco presided over the ceremony.
Sadara is expected to deliver annual revenues of approximately $10 billion within a few years of operation while contributing significantly to Saudi Arabia's industrial diversification. The planned product portfolio will add value chains to the Kingdom's vast natural resources and complement the existing chemical landscape. Ultimately, the JV will be instrumental in Saudi Arabia's strategy to become not only a strategic chemicals and plastics producer, but also a hub for future downstream manufacturing.
First production units are expected to come on line in the second half of 2015. All units are expected to be up and running in 2016.
Utilizing Dow's cutting-edge product technologies and Saudi Aramco's world-class project management and execution capabilities, the manufacturing units will produce a wide range of performance products such as polyurethanes (isocyanates, polyether polyols), propylene oxide, propylene glycol, elastomers, linear low density polyethylene, low density polyethylene, glycol ethers and amines. Sadara will market products within a regional zone of eight countries, including the Kingdom. Dow will leverage its global marketing know-how to market and sell on behalf of Sadara to the rest of the world.
The JV and related investments are expected to generate thousands of direct and indirect employment opportunities. For the JV alone, by the end of 2011, Dow and Saudi Aramco are aiming to recruit hundreds of Saudi nationals as the first batch of technical trainees for competitive and unique manufacturing and engineering training programs.
Al-Falih said: “Sadara is a milestone for Saudi Aramco and a cornerstone of our transformational downstream growth strategy, which will add further value to our significant petroleum value chain. As the world's largest integrated and most reliable supplier of energy and petroleum-based derivative products, our strengths complement those of Dow, the world's foremost chemicals company with a global track record and unique suite of chemicals technology.
“I am confident that Sadara will be a game-changer in the Kingdom's petrochemical industry as it has all the needed ingredients for success. It is a unique partnership that will be a success story for generations to come. We are looking forward to Sadara being an enabler of further economic development, entrepreneurial and employment opportunities in Saudi Arabia,” he added.
“Sadara is an extraordinary and unique venture that will build upon the strengths of both Dow and Saudi Aramco to deliver the diversified and specialty materials and chemicals needed to drive growth in the entire region and beyond,” Liveris said.
“This premier partnership is truly unprecedented and is very well positioned to bring value creation on every front; transforming the Saudi economy, as well as the entire chemical industry, at the same time. This is a great moment for Dow, our partner Saudi Aramco, and for the people of Saudi Arabia. I congratulate everyone who has worked so hard to see this vision become a reality,” he added.


Clic here to read the story from its source.