Dow Chemical, Saudi Aramco form Sadara JV |
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(marketwatch) -- Dow Chemical Co. 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.
Saudi Aramco, the world's biggest oil company, and Dow Chemical
signed last month a joint venture shareholders' agreement to build the complex
in Jubail. First production units are expected to come on line in the second
half of 2015, while all units are expected to be up and running in
2016.
Sadara will produce polyeurethanes, propylene oxide, propylene glycol,
elastomers, linear low-density polyethylene, low density polyethylene, glycol
ethers and amines.
Saudi Arabia is ploughing billions of dollars into
developing its petrochemical industry in a bid to add value to its vast
hydrocarbon resources and to create jobs for its young and growing
population.
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.
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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.
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The Polymers
Summit ICIS-MRC – 2011 has started today, on Nov, 30 in the
Ritz-Carlton Moscow. The main topics of the reports were devoted to the
development of petrochemical market and the strategy in the market of base
polymers as well as launching new polymer productions.
mrcplast.com
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