Saudi Aramco and Dow to finalize details of JV for petrochemicals complex in Saudi Arabia

Saudi Aramco and Dow Chemical Co plan to finalize the details of a joint venture to build one of the world's largest petrochemicals complex in Saudi Arabia, as per Reuters. The joint venture will give Dow access to cheap Saudi gas feedstock and proximity to customers in Asia, Africa and Europe, while Saudi Aramco can execute part of its plan to expand its petrochemical industry and diversify away from oil alone. First announced in 2007, the project is expected to get a nod of approval by end of July-early August, by a committee that will decide on the investment. Location of the project has been changed from Ras Tanura, in a bid to cut costs and has moved closer to other oil and chemical plants in Jubail, off the Gulf coast of Saudi Arabia.
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