Royal Inauguration Sadara Chemical Company
Andrew Liveris Delivers Remarks Reconfirming Dow’s Commitment to the Region
JUBAIL, SAUDI ARABIA - November 30, 2016 - 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.
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.
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.
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