MUSCAT, Oman and MIDLAND, Mich., July 20 /PRNewswire-FirstCall/ -- The
Government of the Sultanate of Oman, Oman Oil Company S.A.O.C. (OOC) and The
Dow Chemical Company (NYSE: DOW) announced today an agreement to form a joint
venture that will design, build and operate a petrochemical complex in Oman.
The joint venture will be owned 50% by Dow, 25% by the Government of Oman
and 25% by OOC.
Located in the Sohar Industrial Port Area, the petrochemical complex will
comprise feedstock production facilities, a gas cracker, as well as three
world-scale polyethylene production units based on state-of-the-art catalyst
and process technology. Further, the joint venture will facilitate the
development of downstream industries in Oman that will convert polyethylene to
end-products in Oman thus enhancing the level of job creation that will result
from the complex.
"This project is a further milestone in the Omani Government's continuing
efforts to develop Al Batinnah Region by promoting foreign investment which
will contribute to job creation, in addition to laying the foundation for
future downstream industries," said H.E. Ahmed Macki, the Minister of National
Economy and Deputy Chairman of Financial Affairs and Energy Resources Council.
H.E. Maqbool Ali Sultan, Oman's Minister of Commerce & Industry and
Chairman of OOC added, "With a strategic partner such as Dow, we are confident
this project will be a success."
"This project is another important step in achieving Dow's strategy of
having cost competitive geographic and product positions that will enable
value growth," said William S. Stavropoulos, Chairman and CEO of The Dow
Chemical Company.
"This is a tremendous opportunity which provides significant access to
cost-competitive feedstock to supply the fast-growing markets of Asia," said
Andrew Liveris, President and Chief Operating Officer of The Dow Chemical
Company. "The Middle East will play an increasingly strong role in the global
petrochemical industry and this joint venture will expand Dow's presence in
the region."
"This joint venture will combine the natural gas resources of Oman with
Dow's state-of-the-art technology position, operational expertise and
marketing know-how," said Romeo Kreinberg, Senior Vice President for Plastics,
The Dow Chemical Company. "This combination will be the foundation of a
strong and successful partnership that has tremendous potential to attract
downstream customers, manufacturing opportunities and additional investments
well into the future."
Construction of the petrochemical complex is expected to begin in 2005.
Oman Oil Company (OOC)
Oman Oil Company S.A.O.C. (OOC) is a commercial company 100% owned by the
Government of the Sultanate of Oman. The company was created in 1992 to give
the Government another vehicle for pursuing investment opportunities in the
energy sector both inside and outside Oman. Through participation in energy
and energy related projects, OOC plays a role in the Sultanate's efforts to
diversify the Omani economy and help generates Omani and foreign private
sector investment. In Oman, OOC has interest in numerous projects that are
either in operation, under construction or under development. These include
gas transmission, petroleum retailing, refining, petrochemicals and aluminum
smelting. Outside Oman, OOC has interests in exploration and production,
crude oil pipelines and petroleum product logistics. For further information
on OOC, please visit http://www.oman-oil.com .
The Dow Chemical Company (Dow)
The Dow Chemical Company is a leader in science and technology, providing
innovative chemical, plastic and agricultural products and services to many
essential consumer markets. With annual sales of $33 billion, Dow serves
customers in more than 180 countries and a wide range of markets that are
vital to human progress, including food, transportation, health and medicine,
personal and home care, and building and construction, among others.
Committed to the principles of sustainable development, Dow and its
approximately 46,000 employees seek to balance economic, environmental and
social responsibilities. References to "Dow" or the "Company" mean The Dow
Chemical Company and its consolidated subsidiaries unless otherwise expressly
noted. For further information on Dow, visit Dow's website at
http://www.dow.com .
SOURCE The Dow Chemical Company
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Related links:
http://www.dow.com
http://www.oman-oil.com
Company News On-Call:
http://www.prnewswire.com/comp/252850.html
CONTACT:
Assilah al Harthy of Oman Oil Company (OOC),
Tel: +968 573100, e-mail: assilah@oman-oil.com ; or R. Matt Davis
of The Dow Chemical Company, +1-989-636-9706, e-mail:
rdavis@dow.com
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