Midland, Michigan -- Dow and Saudi Aramco’s Sadara plant is nearly half way complete, chairman and ceo Andrew Liveris said in a 19 March conference call from its location in Saudi Arabia yesterday.
As previously reported by UTECH-polyurethane.com, the Sadara plant is a joint-venture with Saudi state-owned Aramco of Riyadh, and will be based in Jubail,
Expected to come online in the second half of 2015, the plant will create compounds for PE, polyurethanes, elastomers and related product production.
Speaking of the markets for Sadara’s material, Liveris said it “will be taking sales from the high-cost guys” in Japan, Taiwan and China.
Liveris also told the conference Dow had secured a record number patents during 2013. He said the 560 patents awarded during the year period was the most in the company’s 116-year history. Patent-advantaged products, he said, had generated more than 20% of the company’s 2013 revenue.
He also said Dow had reduced its debt by $3bn during 2013 yet it had also invested around $1.7bn in R&D - an investment figure the company had averaged annually since 2006, he said.
Liveris said Dow is unlikely to make major acquisitions in the near future. “The company has organic growth coming out of its ears,” he said. “We don’t have to acquire anything of any size.”