Sept. 2, 2009
Saudi Aramco and Dow Chemical expect to save around $4 billion on their joint petrochemical complex as slowing economic activity cuts project costs, the al-Hayat newspaper reported on Wednesday.
The estimated cost of the plant was at least $20 billion before reduction, al-Hayat said. The fall was due to the global economic situation, the newspaper reported sources as saying.
The project is located at the Saudi energy hub of Ras Tanura. Dow and Aramco are expected to make an investment decision on it next year.
If it goes ahead, Dow's investment would be the largest ever single foreign investment in the Saudi energy sector, reports Reuters.