Dow Chemical Co. and the Saudi Arabian Oil Co. say they've signed an agreement that advances their plan to build one of the world's biggest chemical plants in Saudi Arabia. The $20 billion complex is expected to begin production in 2015.
The companies announced Saturday that they signed a joint venture agreement for Sadara Chemical Co., which will own the plant being built in the desert kingdom. It will generate an estimated $10 billion in revenue annually.
Dow and Saudi Aramco together are investing about $12 billion, and a portion of Sadara will be sold to shareholders in a public offering in 2013 or 2014. The complex, with 26 manufacturing units, will be the largest integrated chemical facility ever built in one go, the companies say.