New JV to serve the logistics, transportation needs of the MidEastern petrochemical industry

11-Mar-10

BDP Kanoo Chemical Logistics, to be based in Dammam, Saudi Arabia, is a newly formed joint venture to serve the logistics and transportation needs of the Middle Eastern petrochemical industry. A joint venture will provide the services needed for the region to fulfil its vision of economic diversification and adding more value downstream in the hydrocarbon industries. Bahrain-based Kanoo Freight, a division of Yusuf Bin Ahmed Kanoo has partnered with BDP International. Financial terms of the agreement between the two privately-held companies have not been disclosed. Kanoo is one of the first shipping and logistics agencies in Saudi Arabia and has grown to become one of the largest privately-held regional conglomerates in the Middle East. BDP, which is headquartered in Philadelphia, serves nine of the world's top ten multi-national chemical producers, as well as hundreds of others through a global network of wholly-owned offices, joint ventures and affiliates in more than 120 countries. With significant investments in the downstream petrochemical industries and an abundance of feedstocks, the Middle East, and Saudi Arabia in particular, is becoming the epicentre of the global petrochemical industry. As the region emerges as the global logistics hub, customers in the chemical and petrochemical sector have started placing importance on reliable on-time supply.