Dow Chemical Co. has increased its stake in Sadara Chemical, the newly constructed chemical complex that’s nearing completion in Saudi Arabia.
Sadara, the world’s biggest chemical complex built in a single phase, is a joint venture between Dow and Saudi Aramco. Currently, Saudi Aramco owns 65 percent of the company and Dow holds 35 percent. Earlier this week, the companies announced that Dow will increase its stake to 50 percent.
They did not disclose the financial terms of the new agreement.
According to Reuters, the deal will for be finalized after Dow merges with DuPont and then spins off its materials science unit (about 18 months later).
Construction for Sadara began in 2015. The chemical complex houses 26 production facilities for a variety of petrochemicals. It is expected that Sadara will generate about $10 billion in revenue each year.