Saudi Aramco Signs $20 Billion Chemical Project

Saudi Arabian National Oil Company Aramco and Dow Chemical, the world's second largest chemical company, signed a chemical joint venture project worth 75 billion riyals (about US$20 billion) on the 8th.

According to the agreement, the “Sadra” chemical company established by the two parties will be located in the Jubail Industrial Area in the northeast of Saudi Arabia and is expected to produce more than 3 million tons of chemical and plastic products per year. The project will be put into operation and production in the second half of 2015. The annual revenue will reach 10 billion U.S. dollars within a few years after operation, and tens of thousands of jobs and related downstream investment will be created.

Khalid, president and CEO of Aramco, said that the project is the world's largest chemical integration project and will bring a landmark change to the Saudi chemical industry.