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Chemical

Dow, Saudi Aramco Approve $20 Billion Petrochemical Project

July 26, 2011
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According to Bloomberg, Dow Chemical Co. and Saudi Arabian Oil Co. will proceed with a $20 billion petrochemical plant at the Saudi port of Jubail as the world’s largest crude-oil exporter tries to diversify its economy. The joint venture, Sadara Chemical Co., will have capacity to make more than 3 million metric tons of chemicals a year. Sales of advanced chemicals used in applications such as cable coatings, packaging, carbon- fiber composites and water treatment will be $10 billion a year, Dow said. Earnings before interest, taxes, depreciation and amortization will be about $1 billion.

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