Saudi Aramco, Dow Chemical in a $20-B joint venture

The $20-billion joint venture agreement between Saudi Aramco and Dow Chemical Company has been signed creating an integrated chemicals complex, named Sadara Chemical Company, in Jubail Industrial City.  The agreement is a major step forward for the project, which will consist of 26 manufacturing units, several of which constitute mega projects. Once completed, the complex will be one of the world's largest integrated chemical facilities and the largest-ever built in one single phase. The first production units are expected to go on stream in the second half of 2015. All units are expected to be operational in 2016.  Saudi Aramco President and Chief Executive Officer 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."  Sadara is expected to generate annual revenues of approximately $10 billion within a few years of operation, whilst contributing significantly to Saudi Arabia's industrial diversification.

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