Saudi Arabia: Inauguration King Salman Inaugurates Sadara and Satorp
These two projects are among the biggest in their industries worldwide: They will further stimulate Saudi Arabia’s economic growth and will create investment and job opportunities in line with Saudi Vision 2030.
King Salman bin Abdulaziz Al Saud recently inaugurated the Sadara Chemical Company (Sadara) and the Saudi Aramco Total Refining and Petrochemical Co. (Satorp). The two projects are among the largest facilities in the refining and petrochemicals industries that support the objectives of Saudi Vision 2030. The Vision aims to create new industries that will help provide new job opportunities for Saudis, as well as attract foreign investment to the Kingdom.
Sadara and Satorp are aligned with these objectives and are the result of successful partnerships between Saudi Aramco and two global companies: The Dow Chemical Company and Total. His Excellency Khalid Al Falih, Minister of Energy, Industry and Mineral Resources and Chairman of Saudi Aramco said, “Sadara and Satorp represents a bold undertaking for Saudi Aramco and its respective partners, Dow Chemical and Total. It is a major driver in achieving our goals of greater integration and value addition. Sadara and Satorp represents the concrete realization of our distinct yet complementary corporate visions – it is one way in which Saudi Aramco is helping to deliver on its abiding commitment to the Kingdom.”
The Sadara Project
The Sadara project is the largest integrated chemicals complex in the world to be built in one phase. It is a joint venture between Saudi Aramco and The Dow Chemical Company in Jubail Industrial City in the Eastern Province of Saudi Arabia. The first phase commenced operations in 2015, and the remaining operating units are scheduled for completion by the end of 2016. The production capacity is more than three million tons of various plastics and chemicals products annually.
President and CEO of Saudi Aramco, Amin Nasser, said, “Sadara is a huge testament to the power of partnership. We have faced many challenges over the years – complex technological challenges, economic uncertainty - but both parent companies stood firm to make Sadara a reality. The Sadara project contributes to the development of the manufacturing and the technology industries in the Kingdom, and will have a great impact on the economy, directly and indirectly.”