DAMMAM – Saudi Arabia has now entered a new phase in the petrochemical industry characterized as a period of unprecedented growth, Prince Saud Bin Thunayan Al-Saud, Chairman of the Royal Commission for Jubail and Yanbu and SABIC, said in a keynote address formally opening the Second Saudi International Petrochemical Exhibition and Forum in Dammam Sunday.
He cited the SABIC’s expansion in the petrochemical sector and the new projects now being launched. SABIC has 17 affiliates, mostly in the downstream petrochemical sector.
Prince Mohammed Bin Fahd Bin Abdul Aziz, Governor of the Eastern Province of Saudi Arabia, formally opened the forum, alongside Prince Saud.
Prince Mohammed toured the exhibition center where more than 100 local and international companies are showcasing their products and services. While touring the exhibition center, Prince Mohammed said he is deeply impressed by the large participation of local companies which are all specializing in products and services directed to the Saudi petrochemical industry.
Abdul Aziz Al Judaimi, Vice President Chemicals of Saudi Aramco, also highlighted the new development thrust of the national oil industry in the downstream sector. He cited the newly signed Saudi Aramco-Dow Chemical joint venture to build and operate a SR. 75 billion chemical complex in Jubail Industrial City.
The Sadara Petrochemical Complex will build 26 manufacturing units of crackers to produce wide-range of petrochemical products from feedstock supplied by Saudi Aramco. Phase one of the Sadara projects, which is the construction of the 26 units, is already under preparation and will cost about $20 billion. The Sadara project will create some 14,000 jobs, including 4,000 direct employments.
Saudi Aramco owns 65 percent of the Sadara venture, while Dow Dow Chemical shares the 35 percent.
The three-day conference and exhibition is sponsored by Saudi Arabia’s leading companies, including the Royal Commission for Jubail and Yanbu, Petro Rabigh, ABB, Exxon Mobil, Sipchem, Fluor, Aljomaih Holding Company, Zamil ChemPlast and Awal. Abdul Aziz A. Al-Abdulkarim, vice president of the Al Abdulkarim Holding, one of the leading suppliers to the country petrochemical sector, commented that the event is quality exhibition because all the exhibitors are front-runners in the petrochemical business.
"The fact that Kingdom’s petrochemical industry is set to expand by 20 percent during the next five years, the quality of those in the industry is also improving," he said.