Dow Chemical, Saudi Aramco Agree on Joint Venture

Dow Chemical DOW and the Saudi Arabian Oil Company have agreed to set up a joint venture to build a massive $20 billion chemical complex in the desert kingdom. The companies said Monday that work on the long-awaited Sadara Chemical Company venture will begin immediately. It should start operations by 2015. The complex, located in Saudi Arabia's Jubail Industrial City, will include 26 manufacturing units producing chemical products and plastics for use in the energy, transportation, infrastructure and consumer products industries.