Dow inks $20bn Saudi venture

US Dow Chemical has agreed a $20bn (£12.3bn) joint venture with Aramco to build one of the world’s largest chemical facilities in Saudi Arabia.

Aramco chief Khalid Al-Falih said the agreement will “play a key role in the Kingdom’s industrial and economic diversification”

The Sadara project is expected to generate sales of around $10bn within a few years of operation and generate thousands of jobs, Aramco added.

The joint venture will give Dow access to cheap Saudi gas feedstock and a production facility close to customers in booming markets.