Dow is buying an extra 15% of its $20bn Sadara petchems JV with Aramco putting ownership on a 50:50 footing.

State petroleum firm Saudi Aramco and US chemicals giant Dow, partners in the Sadara petchems complex at Jubail on the Saudi Gulf coast, have signed a non-binding MoU to enable Dow to begin the process of buying an additional 15% of the venture from Aramco. This would leave the partners with 50% each and boost Aramco’s bank balance ahead of the 5% IPO slated for late-2018.

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