Dow plans increase stake in Sadara JV 50 pc

Dow plans to increase stake in Sadara JV to 50 pc

6:15 AM, 29th August 2017
Sadara Chemical logo

MIDLAND, US/ DHAHRAN, SAUDI ARABIA: The Dow Chemical Company (DOW) and Saudi Aramco have signed a non-binding memorandum of understanding (MOU), where Dow plans to acquire an additional 15 percent stake in Sadara Chemical Company (Sadara) from its JV partner Saudi Aramco.  

Saudi Aramco and Dow currently holds 65 percent and 35 percent respectively. If the potential transaction is concluded Dow and Saudi Aramco would each hold a 50 percent equity stake in Sadara.

“Increasing our equity stake in this iconic joint venture is a powerful example of our strategic partnership with Saudi Aramco and is yet another accelerator in Dow’s long-term growth strategy designed to capture growing consumer-led demand in our key end-markets of transportation, infrastructure, packaging, and consumer products in developing regions,” said Andrew Liveris, Dow’s chairman and CEO.

“Dow’s larger stake in Sadara is an endorsement of the Kingdom’s vibrant ecosystem and signals Dow’s confidence in our partnership as a model of mutually beneficial foreign direct investment. The time is right to fully leverage Dow’s global leadership to further contribute to the Kingdom’s economic transformation in line with Vision 2030,” added Amin Nasser, Saudi Aramco president and CEO.

© Worldofchemicals News 

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