Royal Inauguration Celebrates Success of Sadara Chemical Company
November 30 2016 - 8:45AM
Business Wire
Andrew Liveris Delivers Remarks Reconfirming Dow’s Commitment to
the Region
Sadara Chemical Company, a joint venture between The Dow
Chemical Company (NYSE: DOW) and Saudi Arabian Oil Company (Saudi
Aramco), was inaugurated by His Majesty, King Salman bin Abdul-Aziz
Al Saud, Custodian of the Two Holy Mosques, representing the
strategic significance of Sadara to the country’s growth and
economic diversification strategy Saudi Vision 2030.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20161130005766/en/
Andrew Liveris, CEO of Dow, is greeted by
H.M. King Salman bin Abdul-Aziz Al Saud (right), and Amin Nasser,
CEO of Saudi Aramco (middle). (Photo: Business Wire)
Andrew Liveris, Dow’s chairman and chief executive officer, was
invited to deliver remarks at the event which was also attended by
His Royal Highness, the Deputy Crown Prince of Saudi Arabia,
Mohammad bin Salman Al Saud, Second Deputy Premier and Minister of
Defense; His Excellency Khalid A. Al-Falih, Saudi Arabia’s Minister
of Energy, Industry and Mineral Resources and Chairman of Saudi
Aramco; Amin H. Nasser, Chief Executive Officer of Saudi Aramco;
and other distinguished guests including Sadara’s Board of
Directors and leadership members.
Speaking of the young, eager and talented Saudi workforce,
Liveris said: “And this, more than anything, speaks to the present
impact – and the future promise – of all that Sadara represents.
Because even this historic inauguration is just the beginning… the
foundation for a bold vision – of a vibrant society, a thriving
economy, and an ambitious nation at the intersections of three
continents. It is a vision that we all share, and one that we all
must help fulfill in the decades to come.”
Comprising 26 manufacturing units, Sadara is one of the world’s
largest integrated chemical facilities and the largest ever built
in a single phase. The complex possesses flexible cracking
capabilities and will produce more than 3 million metric tons of
high-value performance plastics and specialty chemical products,
capitalizing on rapidly growing markets such as transportation,
infrastructure, packaging and consumer products. The
performance-focused products will add new value chains to the
Kingdom’s vast petroleum reserves, resulting in the diversification
of the economy and region.
Sadara will employ thousands of talented Saudis and foreign
nationals, and will help diversify the economy by adding value to
the Kingdom’s vast petroleum reserves and making chemical products
not produced before in the Middle East. Dow has estimated that the
project will create 14,000 new jobs in Saudi Arabia, ~4,000 of
which are from direct employment and the rest indirectly.
The complex has started its Mixed Feed Cracker and commissioned
three polyethylene trains, qualifying 25 products to date and
shipping polyethylene to nearly 100 customers in more than 25
countries. Sadara remains on schedule for a sequenced start-up
process, continuing with the polyethylene and polyolefins envelope,
the propylene oxide/isocyanates/polyurethanes envelope, and finally
the ethylene oxide/propylene oxide/specialty chemicals units.
Dow has been investing in Saudi Arabia for more than 40 years,
is the largest foreign investor and currently has more than 500
employees in the country.
During a recent visit to the Kingdom of Saudi Arabia, Liveris
met with H.R.H. Deputy Crown Prince Salman Al Saud, to discuss
Dow’s existing investments in the Kingdom and potential future
opportunities aligned to the Company’s growth strategy and Saudi
Arabia’s Vision 2030.
In June, Dow became the first company to receive a trading
license from the Government of Saudi Arabia, allowing 100 percent
ownership in the country’s trading sector. In addition to Sadara,
Dow maintains several joint ventures in the region including a
joint venture with Juffali & Brothers, and Saudi Acrylic
Monomer Company (SAMCo). Additional strategic investments include
agreements with King Abdullah University of Science and Technology
(KAUST) to construct a new Dow Middle East Research and Development
Center, and a Reverse Osmosis manufacturing facility – the first
unit of its kind outside of the United States.
About Dow
Dow (NYSE: DOW) combines the power of science and technology to
passionately innovate what is essential to human progress. The
Company is driving innovations that extract value from material,
polymer, chemical and biological science to help address many of
the world's most challenging problems such as the need for clean
water, clean energy generation and conservation, and increasing
agricultural productivity. Dow's integrated, market-driven,
industry-leading portfolio of specialty chemical, advanced
materials, agrosciences and plastics businesses delivers a broad
range of technology-based products and solutions to customers in
approximately 180 countries and in high-growth sectors such as
packaging, electronics, water, coatings and agriculture. In 2015,
Dow had annual sales of nearly $49 billion and employed
approximately 49,000 people worldwide. The Company's more than
6,000 product families are manufactured at 179 sites in 35
countries across the globe. On June 1, 2016, Dow became the 100
percent owner of Dow Corning Corporation’s silicones business, a
global company with sales of greater than $4.5 billion in 2015, 25
manufacturing sites in 9 countries and approximately 10,000
employees worldwide. References to "Dow" or the "Company" mean The
Dow Chemical Company and its consolidated subsidiaries unless
otherwise expressly noted. More information about Dow can be found
at www.dow.com.
®TM Trademark of The Dow Chemical Company (“Dow”) or an
affiliated company of Dow
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161130005766/en/
The Dow Chemical CompanyRachelle Schikorra+1 (989)
638-4090ryschikorra@dow.com
Dow (NYSE:DOW)
Historical Stock Chart
From Apr 2024 to May 2024
Dow (NYSE:DOW)
Historical Stock Chart
From May 2023 to May 2024