Saudi Aramco, tying up with Dow Chemical is set to build a $26billion worth of chemical plants in Saudi Arabia. This joint venture with the Dow Chemical, the biggest US chemical producer is expected to produce as much as eight million tones of chemical in a year.
"It is a very aggressive target," Al Judaimi said in an interview in Madrid yesterday. "It will be challenging to get debt, but if we have a project that will get good returns it will be successful."
Aramco formed the joint venture with Dow last year to build a network of factories with the capacity to produce as much as eight million tonnes of chemicals a year, using raw materials from nearby oil and natural gas plants to cut costs. The country's oil ministry said yesterday that it plans to spend $250 billion on oil, gas, power and water production through 2012.
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