Rohm & Haas in Saudi acrylic acid joint venture with Tasnee
April 21, 2008
Chemicals maker Rohm and Haas Co. said recently it formed a joint venture with Tasnee Sahara Olefins Co. of Saudi Arabia to produce 250,000 metric tons of acrylic acid, beginning in 2011, the Associated Press reported recently.
The materials will be used to support the growth of Rohm and Haas'' water-based acrylic products in developing economies, the company said.
Tasnee Sahara Olefins will have exclusive rights to sell some of the acrylic acid products within Saudi Arabia, Bahrain, Qatar, Oman, Kuwait and the United Arab Emirates, Rohm and Haas said.
Rohm and Haas said the joint venture will be called Saudi Acrylic Monomer Co. It will be 75 percent owned by Tasnee Sahara Olefins and 25 percent owned by Rohm and Haas.
Rohm and Haas also said it will invest about $50 million for its equity stake in the venture and will license its technology for making acrylic acid.
Tasnee Sahara Olefins is comprised of Tasnee, a private industrial company in Saudi Arabia, and Sahara Petrochemical, a publicly traded Saudi joint stock company.