Dow, Saudi Aramco form Sadara JV, appoint eight-member board

28 November 2011 10:25  [Source: ICIS news]

SINGAPORE (ICIS)--US Dow Chemical and Saudi Aramco announced on Monday the official formation of their joint venture Sadara Chemical Company, which they expect to generate about $10bn (€7.5bn) in annual revenues “within a few years of operation”.

The major petrochemical project will be built at Jubail Industrial City II and is expected to produce polyurethanes (isocyanates and polyether polyols), propylene oxide (PO), propylene glycol, elastomers, linear low density polyethylene (LLDPE), low density polyethylene (LDPE), glycol ethers and amines, Dow said in a statement.

It is expected to be one of the world’s largest integrated chemical facilities and the largest ever built in a single phase, the company said.

Some production facilities at the site are expected to come on stream in the second half of 2015, with all units to be up and running in 2016, Dow said.

Dow and Saudi Aramco have also appointed the eight-member board for Sadara, to be chaired by Abdullatif Al-Othman, senior vice president (SVP) for engineering and project management at Saudi Aramco.

Dow SVP James McIlvenny was appointed as deputy chairman. The other members of the board include: Saudi Refining president Tofiq Gabsani; Dow executive vice president (EVP) Michael Gambrell; Saudi Aramco vice president for chemicals Abdulaziz Judaimi; Saudi Aramco chief engineer Ahmad Al-Khowaiter; Dow SVP and president for performance plastics Howard Ungerleider; and Dow EVP and CFO William Weideman.

Ali Abuali, former president of Aramco Services Company – a US-based subsidiary of Saudi Aramco – was appointed as CEO of Sadara, while Dow finance director for Europe, Middle East and Africa Luciano Poli was named as the CFO of the joint venture.

“Sadara is poised to become a significant contributor for Saudi Aramco’s transformational downstream growth strategy,” said Saudi Aramco president and CEO Khalid Al-Falih in the statement.

By: Pearl Bantillo
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