03 December 2012 20:08 [Source: ICIS news]
NEW YORK (ICIS)--US-based Dow’s Chemical’s Sadara petrochemical joint venture project in Saudi Arabia with state-owned Saudi Aramco is proceeding on track with first production from its plastics units expected in the second half of 2015, said the chief executive of Dow on Monday.
“We already have 10,000 people on site and expect that to rise to a peak of 60,000 next year,” said Dow CEO Andrew Liveris at a media event at Dow’s annual investor meeting.
“The FEED [front end engineering and design] is complete and we have 7-story furnaces coming up on the site,” he added.
The Sadara project, the largest ever in petrochemicals, is expected to deliver earnings before interest, tax, depreciation and amortisation (EBITDA) margins of around 40% once operational, said Liveris.
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