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Saudi Aramco, Dow Sign Sadara JV Shareholders’ Agreement
JV to drive downstream industries and support economic growth in Kingdom and emerging markets
DHAHRAN, SAUDI ARABIA and MIDLAND, MICHIGAN – October 8, 2011 – Saudi Aramco President and Chief Executive Officer Khalid A. Al-Falih and Dow Chairman and Chief Executive Officer Andrew N. Liveris today signed the Joint Venture (JV) Shareholders’ Agreement for Sadara Chemical Company.
His Excellency, Ali Ibrahim Al-Naimi, Saudi Arabia Minister of Petroleum and Mineral Resources and Chairman of Saudi Aramco presided over the ceremony; His Excellency Dr. Ibrahim Al-Assaf, Saudi Arabia Minister of 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 distinguished guests of both companies were in attendance at the landmark event.
Today’s event is another major step forward for Sadara, which will be comprised of 26 manufacturing units, several of which constitute “mega projects” in themselves. Once complete, the JV complex will be one of the world’s largest integrated chemical facilities, and the largest ever built in one single phase. Saudi Aramco and Dow announced their respective Board authorizations to form the JV on July 25, 2011.
Just over 100 kilometers from where Al-Falih and Liveris signed the agreement, bulldozers, graders and rollers are proceeding with site preparations on the world-scale, mixed feed cracker, which will be integrated with Saudi Aramco’s extensive hydrocarbon infrastructure.
“Sadara is an extraordinary and unique venture that will build upon the strengths of both Dow and Saudi Aramco to deliver the diversified and specialty materials and chemicals needed to drive growth in the entire region and beyond,” said Andrew Liveris, Dow’s Chairman and Chief Executive Officer.