W.R. Grace & Co. and Al Dahra Agricultural Co. said Friday that they plan to form a joint venture to build a plant in Abu Dhabi to produce chemical catalysts and additives used in petroleum refining.
The fluid catalytic cracking catalysts and additives plant would supply oil refineries in the Middle East and South Asia. It will be the first such plant in the region when it comes online in late 2015. The companies didn't say how much they'd spend to build the plant.
Fluid catalytic cracking is a process used in refineries to convert crude oil to gasoline and other products. Grace said 16 units using that process are expected to be built in the regions that the plant will supply.
W.R. Grace, based in Columbia, Md., produces specialty chemicals and materials around the world. Al Dahra is an agricultural company based in the United Arab Emirates.
W.R. Grace shares rose by 76 cents to $56.96 in midday trading