02 February 2010 20:53 [Source: ICIS news]
HOUSTON (ICIS news)--Dow Chemical still plans to start up the first units at its Ras Tanura joint venture in 2014 or 2015 - but the company is pausing on letting contracts following news of falling prices, CEO Andrew Liveris said on Tuesday.
"Saudi Aramco has some very big refinery projects that have just let that saw some substantial decreases in the EPC contracts," he said.
The price drop gave Dow reason to delay letting, Liveris said.
However, Ras Tanura is still on track for its first units to start by 2015, Liveris said. "Ras Tanura is moving ahead nicely on its milestones."
Dow may have more to say about the project by the middle of the year, he said.
Ras Tanura, being developed with Saudi Aramco, will have 60 units producing 28 commodities and specialty chemicals.
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