04 October 2011 18:04 [Source: ICIS news]
NEW YORK (ICIS)--Dow Chemical announced on Tuesday that about half of the capital investment in Sadara Chemical, the company's massive joint venture with Saudi Aramco, has been put under contract, with an additional 20% out for bid.
The company expects all bids for the $20bn (€15.2bn) project – located in Al-Jubail, Saudi Arabia – to be out by the end of the year.
Dow made the announcement at its Investor Day in New York City.
Additionally, both Dow and Saudi Aramco are in the final stages of selecting nominees for Sadara's officers and board.
Once complete, the complex will comprise 26 chemical plants that will produce over 3m tonnes/year of performance plastics and chemical products, using a variety of feedstocks.
Jim McIlvenny, Dow’s group senior vice president for mega projects, said Saudi Aramco has ramped up its exploration of natural gas fields in the country.
He said the company is confident that it will be able to find ample supplies of natural gas liquids.
($1 = €0.76)
For more on Dow and Saudi Aramco visit ICIS company intelligence
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