2011/7/26 DowとSaudi Aramco、石油化学JV設立を最終決定

July 25, 2011 Dow　 　　　　　　　　　　　　　Dow Presentation

Dow and Saudi Aramco Announce Joint Venture to Drive Downstream Growth through World-Scale Chemicals Project

"Sadara" will enable growth capture in high-value specialty markets and emerging regions

The Dow Chemical Company and the Saudi Arabian Oil Company (Saudi Aramco) today announced that the Boards of Directors of both companies have approved the formation of a joint venture (JV) to build and operate a world-scale, fully integrated chemicals complex in Jubail Industrial City, Kingdom of Saudi Arabia.

The authorization for the new joint venture, named "Sadara Chemical Company", comes after an extensive project feasibility study and front-end engineering and design effort which began in 2007.

Comprised of 26 manufacturing units building on Saudi Aramco's project management and execution expertise, and utilizing many of Dow's industry leading technologies, the complex will be one of the world's largest integrated chemical facilities, and the largest ever built in one single phase. The complex will possess flexible cracking capabilities and will produce over 3 million metric tons of high value-added chemical products and performance plastics, capitalizing on rapidly growing markets in energy, transportation, infrastructure and consumer products.

Construction will begin immediately and the first production units will come on line in the second half of 2015, with all units expected to be up and running in 2016. Once operational, Sadara is expected to deliver annual revenues of approximately $10 billion within a few years of operation and generate thousands of direct and indirect employment opportunities through the complex and related investments in downstream value parks.

"Today's announcement is outstanding proof of Dow's ongoing commitment to our growth strategy," said Andrew N. Liveris, Dow's chairman and chief executive officer. "This premier partnership is the right economic ownership model with the right partner. It is designed to capture growth in the rapidly growing sectors of energy, transportation and infrastructure, and consumer products by creating a manufacturing hub that will provide a differentiated product slate and an advantaged cost position."

Liveris added, "We are bringing the best of Dow's technology-differentiated and globally leading products to Sadara. Customers in emerging geographies such as China, the Middle East, Eastern Europe and Africa will benefit from a strong supplier with feedstock integration, in-market commercial and supply capabilities, advanced technologies and resources to grow with their demand. Taken together, Sadara will deliver significant new equity earnings to Dow."

Total investment for the project, including third party investments, will be approximately $20 billion. Sadara will become an equal joint venture between Saudi Aramco and Dow after an initial public offering. In addition to equity from the partners, Export Credit Agencies and financial institutions will provide project financing to Sadara.

Khalid Al-Falih, president and CEO of Saudi Aramco, said, "This project represents a key milestone in Saudi Aramco's ambitious downstream growth strategy. We are pleased to have Dow as our partner, as they bring a fantastic record of success in the chemicals business and a top tier brand to the project. Dow also brings a superior mix of downstream product technologies, and world-class operational and marketing capabilities to the Sadara joint venture. These will complement the strengths of Saudi Aramco as the world's largest integrated and most reliable supplier of energy and petroleum-based derivative products."

Al-Falih explained, "Many of Sadara's products will be produced for the very first time in Saudi Arabia. This enterprise will play a key role in the Kingdom's industrial and economic diversification while contributing to the creation of thousands of high quality jobs. It will enable significant development in the country's conversion industry, thereby supporting Saudi Arabia's ambition to be a magnet for downstream manufacturing investments that add significant value to the Kingdom's hydrocarbon resources."

The complex will include a world scale cracker that will be able to crack a wide range of feedstocks and be supplied by Saudi Aramco's extensive integrated hydrocarbon infrastructure. Utilizing Dow's state of the art product technologies and Saudi Aramco's project management and execution capabilities, the manufacturing units will produce a wide range of performance products such as Polyurethanes (isocyanates, polyether polyols), Propylene Oxide, Propylene Glycol, Elastomers, Linear Low Density Polyethylene, Low Density Polyethylene, Glycol Ethers and Amines.

Sadara will have responsibility for product marketing within a local zone of eight countries. Dow will market and sell on behalf of Sadara to all countries outside of the Middle East zone.

Jubail Industrial City is the largest industrial complex of its kind in the world. It is located in the Eastern Province of the Kingdom of Saudi Arabia, approximately 100 kilometers northwest of Dammam.

October 08, 2011 Dow

Saudi Aramco, Dow Sign Sadara JV Shareholders’ Agreement
JV to drive downstream industries and support economic growth in Kingdom and emerging markets

Saudi Aramco President and Chief Executive Officer Khalid A. Al-Falih and Dow Chairman and Chief Executive Officer Andrew N. Liveris today signed the Joint Venture (JV) Shareholders’ Agreement for Sadara Chemical Company.

2006年6月にアラムコが新石油化学計画のパートナー候補としてダウを選定し、2007年5月に世界最大級の化学品・合成樹脂のコンプレックス（ラスタヌラ総合計画）の建設・運営についての詳細覚書を締結した。

当初は立地をラスタヌラとしていたが、土地の造成費が高いこと、同地が過密であることから2010年にジュベイルに変更した。

両社は本年7月に、両社の取締役会がJVの設立を承認したと発表した。

Today’s event is another major step forward for Sadara, which will be comprised of 26 manufacturing units, several of which constitute “mega projects” in themselves. Once complete, the JV complex will be one of the world’s largest integrated chemical facilities, and the largest ever built in one single phase. Saudi Aramco and Dow announced their respective Board authorizations to form the JV on July 25, 2011.

Just over 100 kilometers from where Al-Falih and Liveris signed the agreement, bulldozers, graders and rollers are proceeding with site preparations on the world-scale, mixed feed cracker, which will be integrated with Saudi Aramco’s extensive hydrocarbon infrastructure.

“Sadara is an extraordinary and unique venture that will build upon the strengths of both Dow and Saudi Aramco to deliver the diversified and specialty materials and chemicals needed to drive growth in the entire region and beyond," said Andrew Liveris, Dow’s Chairman and Chief Executive Officer.

“This premier partnership is truly unprecedented and is very well positioned to bring value creation on every front; transforming the Saudi economy, as well as the entire chemical industry, at the same time. This is a great moment for Dow, our partner Saudi Aramco, and for the people of Saudi Arabia. I congratulate everyone who has worked so hard to see this vision become a reality,” said Liveris.

Sadara is expected to deliver annual revenues of approximately $10 billion within a few years of operation while contributing significantly to Saudi Arabia’s industrial diversification. The planned product portfolio will add value chains to the Kingdom’s vast natural resources and complement the existing chemical landscape. Ultimately, the JV will be instrumental in Saudi Arabia’s strategy to become not only a strategic chemicals and plastics producer, but also a hub for future downstream manufacturing.

Saudi Aramco President and Chief Executive Officer Al-Falih said: “Sadara is a milestone for Saudi Aramco and a cornerstone of our transformational downstream growth strategy, which will add further value to our significant petroleum value chain. As the world’s largest integrated and most reliable supplier of energy and petroleum-based derivative products, our strengths complement those of Dow, the world’s foremost chemicals company with a global track record and unique suite of chemicals technology.

“I am confident that Sadara will be a game-changer in the Kingdom’s petrochemical industry as it has all the needed ingredients for success. It is a unique partnership that will be a success story for generations to come. We are looking forward to Sadara being an enabler of further economic development, entrepreneurial and employment opportunities in Saudi Arabia,” Al-Falih added.

The JV and related investments are expected to generate thousands of direct and indirect employment opportunities. For the JV alone, by the end of 2011, Dow and Saudi Aramco are aiming to recruit hundreds of Saudi nationals as the first batch of technical trainees for competitive and unique manufacturing and engineering training programs.

Utilizing Dow’s cutting-edge product technologies and Saudi Aramco’s world-class project management and execution capabilities, the manufacturing units will produce a wide range of performance products such as Polyurethanes (isocyanates, polyether polyols), Propylene Oxide, Propylene Glycol, Elastomers, Linear Low Density Polyethylene, Low Density Polyethylene, Glycol Ethers and Amines. Sadara will market products within a regional zone of eight countries, including the Kingdom. Dow will leverage its global marketing know-how to market and sell on behalf of Sadara to the rest of the world.

First production units are expected to come on line in the second half of 2015. All units are expected to be up and running in 2016.

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October 04, 2011

Formation of Dow and Saudi Aramco Proposed Joint Venture Making Significant Progress
“Sadara” will further strengthen Dow’s high-growth, technology-differentiated value chains

The establishment of Sadara Chemical Company, a planned joint venture under formation between The Dow Chemical Company and the Saudi Arabian Oil Company (Saudi Aramco), is making significant progress following the authorization by the Boards of Directors of both companies in late July.

The two partners are in the final stages of establishing Sadara, and it is expected that the officer and board member nominees will soon be officially announced. The on-line recruitment process for the first in-take of Saudi apprentices commenced in August and the response was overwhelming, with over 6,300 applications received.

Meanwhile, the Engineering, Procurement & Construction (EPC) contract bidding process continues. 50% of the capital investment amount is already under contract with another 20% out for bid. It is expected that all invitation for bids will be out by end of the year.

The authorization for Sadara came after an extensive project feasibility study and front-end engineering and design effort which began in 2007. Sadara will build and operate a world-scale, fully integrated chemicals complex in Jubail Industrial City, Kingdom of Saudi Arabia. Comprising 26 manufacturing units, building on Saudi Aramco’s project management and execution expertise, and utilizing many of Dow’s industry leading technologies, the complex will be one of the world’s largest integrated chemical facilities, and the largest ever built in one single phase.

Sadara will capitalize on an advantaged cost position to create a manufacturing hub providing a differentiated product slate of over 3 million metric tons of value-added performance plastics and chemical products such as Polyurethanes (isocyanates, polyether polyols), Propylene Oxide, Propylene Glycol, Elastomers, Linear Low Density Polyethylene, Low Density Polyethylene, Glycol Ethers and Amines to supply rapidly growing markets in energy, transportation, infrastructure and consumer products. The complex will possess flexible cracking capabilities for a range of feedstocks - to be supplied by Saudi Aramco’s extensive integrated hydrocarbon infrastructure.

Site preparation has already commenced and the first production units are expected to come on line in the second half of 2015, with all units expected to be up and running in 2016. Once operational, Sadara is expected to deliver annual revenues of approximately $10 billion within a few years of operation and generate thousands of direct and indirect employment opportunities through the complex and integrated value parks. Total investment for the project, including third party investments, will be approximately $20 billion.

2012/09/24 日揮     

当社サウジアラビア法人が芳香族製造設備を受注

日揮は、当社のサウジアラビア法人であるJGCガルフ・インターナショナル社が、サウジアラビア国営石油会社(サウジアラムコ社)とダウケミカル社が共同で設立したサウジアラビア合弁会社 サダラ・ケミカル・カンパニーから、芳香族製造設備建設プロジェクトを受注しましたので、お知らせします。プロジェクトの詳細は以下の通りです。

1. 顧客名： 　サダラ・ケミカル・カンパニー
　　　　　　　　　　(SADARA CHEMICAL COMPANY: 略称SADARA(サダラ))
2. 受注者名： JGCガルフ・インターナショナル社
　　　　　　　　　　(JGC Gulf International Co., Ltd: 日揮100%出資のサウジアラビア法人)
3. 建設地： 　サウジアラビア王国ジュベール地区
4. 契約内容： 芳香族製造設備に係る設計、機材調達、建設工事(EPC)役務
5. 契約形式： ランプサム(一括請負)契約
6. 受注金額： 非公表
7. 納期： 2014年後半
8. プロジェクトの概要：

サダラ社は、サウジアラビアのジュベール工業地帯において、石油化学製品を製造する大規模統合石油化学コンプレックス(通称: SADARAプロジェクト)の建設計画を進めており、今般、JGCガルフ・インターナショナル社が受注した芳香族製造設備は、本プロジェクトの中核装置の一つであり、その下流には多数の化学品製造設備が連なる非常に重要度の高い設備となります。

サウジアラビアは、近年自国の産業の多角化と自国民の雇用促進政策を積極的に推進しています。このような中、当社は2008年に同業他社に先駆けて同国にEPC子会社としてJGCガルフ・インターナショナル社を設立し、これまで現地のニーズに対応しながら着実に実績を重ねてきました。今回のJGCガルフ・インターナショナル社の受注は、現地での実績とプロジェクト遂行能力、さらに価格競争力が高く評価され、受注に繋がったものと考えております。
また、JGCガルフ・インターナショナル社が現地で一貫してプロジェクトを遂行していくことは、正にサウジアラビアの国家戦略と当社の企業戦略とが合致したものであり、両者にとって大変意義深いプロジェクトとなります。

当社は現在、中期経営計画「NEW HORIZON 2015」において、海外EPC子会社の強化・拡大を推進しており、本プロジェクトの遂行を通して、JGCガルフ・インターナショナル社のプロジェクト遂行能力のさらなる向上を図って行く予定です。