Dow Chemical, Saudi Arabian Oil sign accord for $20 bn plant

Dow Chemical Co. and the Saudi Arabian Oil Co. said Saturday that they signed an agreement that advances their plan to build one of the world's biggest chemical plants in Saudi Arabia. The $20 billion complex is expected to begin production in 2015.

The two companies agreed to a joint venture for Sadara Chemical Co., which will own the plant being built in the desert kingdom. The companies estimate it will generate about $10 billion in revenue annually within a few years of operation.

Dow and Saudi Aramco together are investing about $12 billion, and a portion of Sadara will be sold to shareholders in a public offering in 2013 or 2014. The complex, with 26 manufacturing units, will be the largest integrated chemical facility ever built in one go, the companies said.

Read Full Article from Economic Times

- Posted: 2011-10-09 06:55:56

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