Brussels - Huntsman Corp has taken majority ownership in its Arabian Polyol Company in Saudi Arabia after signing an agreement with Basic Chemical Industries ltd.The joint venture, which will be renamed Huntsman APC, manufactures and sells polyurethane systems based on MDI (methylene diphenyl diisocyanate) in the Gulf countries. It will be based at the existing Dammam site on Saudi Arabia's east coast, supported by a Huntsman sales office in Dubai, according to Huntsman's 14 June statement. "This increase in our shareholding demonstrates Huntsman s determination to bring new investment to emerging markets," said Nick Webster, vice president of Huntsman's polyurethanes division in Europe and the Middle East, in the statement."Construction in the Gulf countries continues to grow at about 15 percent per year and BCI's local skills and leadership in chemicals will continue to be invaluable to us as we further develop and innovate in this important market," he added.BCI - Basic Chemicals Industry Group - which was established in 1975 is also based in Dammam and is a producer and distributor of more than 600 chemical products including hydrochloric acid, adhesives, polyurethanes, water treatment resins and more. The Group has 400 employees and an annual turnover of $150 million."