Saudi Aramco to produce petrochem despite oil dip
Sadara Chemical, a JV between Aramco and Dow Chemical, will work as scheduled on the Sadara Basic Services project
Saudi Arabia's Sadara Basic Services confirmed it has signed agreements for storage facilities and port services.
Owned fully by Sadara Chemical Co, the firm hopes to start producing petrochemicals by the end of this year.
Sadara Chemical is a $20bn (SAR75bn) petrochem joint venture between Saudi Aramco and US-based Dow Chemical.
Both partner firms said the joint venture will proceed as scheduled despite the dip in global oil and petrochemical prices, according to Reuters.
Sadara is expected to sell a part of its tank storage facilities to Jubail Chemical and Storage Services (JCSSC) for $470m (SAR1.76bn).