Dow Chemical and Saudi Arabian oil company Aramco are planning to create a petrochemical complex worth $20 billion, Financial Times reports. The joint venture will build the plant to target high-growth markets in Asia, the Middle East and emerging European countries.
The two parties aim to fund around 65% of the costs of the new plant through debt and the rest will from equity investments. The project will be completed in 2016 and be known as Sadara Chemical. The joint venture expects to start production in the second half of 2015.
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