Monday, October 17, 2011

Saudi Aramco, Dow characters Sadara JV shareholder's agreement

Monday, October 17, 2011
His Excellency, the ceremony of Ali Ibrahim Al-Naimi, Saudi Arabia Minister for petroleum and mineral resources and Chairman of Saudi Aramco Chair; His Excellency Dr. Ibrahim Al-Assaf, Saudi Arabia Minister of for finance; His Royal Highness Prince Saud ibn Abdullah ibn Thunayan, Chairman of the Royal Commission for Jubail and Yanbu; and his Royal Highness Prince Faisal bin Turki Bin Abdulaziz Al-Saud, Advisor, Ministry of petroleum and mineral resources and guests of both companies were in attendance at the milestone.

Today's event is another important step forward for Sadara consisting of 26 production cells, of which there are some "mega projects" in itself. After is the JV of complex one of the world's largest integrated chemical installations, and was the largest ever built in a single stage. Saudi Aramco Dow announced and, to make their respective Board permissions the JV on the 25 July 2011.

Some more than 100 kilometres from where signed Al-Falih and Liveris, run bulldozers, graders and roles with site preparation for the world, mixed feed cracker extensive hydrocarbon infrastructure integrated with Saudi Aramco.

"Sadara is an exceptional and unique venture, which on the strengths of Dow and Saudi Aramco, diversified and needs throughout the region and also provide growth special materials and chemicals will build", said Andrew Liveris, Chairman and Chief Executive Officer at Dow.

"This first partnership is really unprecedented and is very well positioned, the value on all fronts;" Transformation of the Saudi economy, as well as the entire chemical industry, at the same time. This is a great moment for Dow, our partner of Saudi Aramco, and for the population of Saudi Arabia. "I congratulate everyone who has worked so hard to see that vision become a reality," Liveris said.

The annual sales of about $10 billion in a few years operation should Sadara during post to supply Saudi of Arabia industrial diversification. The planned product portfolio of the Kingdom of huge natural resources value chains added to and complement the existing chemical landscape. Finally, the joint venture in Saudi Arabia will be strategy, not only a strategic chemicals and plastics producer, but also as hub for future downstream products.

Saudi Aramco President and Chief Executive Officer Al-Falih, said: "Sadara is a milestone for Saudi transform Aramco and a cornerstone of our downstream growth strategy, which will further complement our significant oil value chain." As the world's largest integrated and most reliable provider of energy and petroleum based derivative products, our strengths complement the Dow, the world's leading chemical company with a global track record and unique collection of chemicals technology.

"I am confident that Sadara petrochemical industry become a game-changer in the Kingdom, as it has all the necessary ingredients for success." It is a unique partnership, which will be a success for generations to come. We are Sadara, which is a prerequisite for the further economic development, entrepreneurship and employment in Saudi Arabia, "added Al-Falih."

The JV and related investments are intended to generate thousands of direct and indirect employment opportunities. For the JV alone, by the end of 2011 Dow and Saudi aspire to Aramco hundreds of Saudi nationals as the first batch of technical trainees for competitive and unique production and engineering training programs advertise.

With Dow cutting-edge product technologies and Saudi Aramco World class project management and execution, produce the production cells a variety of performance products such as Polyurethanes (polyether polyols, isocyanates), propylene oxide, propylene glycol, elastomers, linear low density polyethylene, low density polyethylene, glycol ether and amines. Sadara is in a regional area of eight States, including the Kingdom expel. Dow will leverage on its global marketing expertise to market and sell to the rest of the world in the name of Sadara.

First production units are expected to come on line in the second half by 2015. All units are expected to be operational in 2016.

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