Saudi Aramco and Dow have agreed to the formation of a joint venture (JV) to build and operate a world-scale, fully integrated chemicals complex at a cost of US$20 billion to be located in Jubail Industrial City, Saudi Arabia.

Petro Rabigh, the joint venture between Saudi Aramco and Sumitomo Chemical, has moved to the next round of its phase 2 expansion which includes a new aromatics facility and a number of value-added derivatives.