Aramco and Dow plan world’s largest grassroot petrochem facility

06-Jun-07

Saudi Arabian Oil Co and Dow Chemical Co.’s 8 mln tpa facility, currently under construction at Ras Tanura refinery, Saudi Arabia, will be the world’s largest grassroots petrochemicals and chemicals facility in the world. Aramco, the world’s largest oil producer, signed an MOU with USA’s largest chemical maker Dow last month to construct the complex by Q2-2012. The project will be financed by conventional banks and Islamic lenders. Aramco and Dow also plan to sell a 30% stake in the project in an initial public offering (IPO) at the Saudi stock market.