Dow Chemical and Saudi Aramco have signed a joint venture shareholders agreement for Sadara Chemical Company. The joint venture is expected to drive downstream industries and support economic growth in Kingdom and emerging markets, with production to start in the second half of 2015. The financial aspects of the deal were not revealed.

Saudi Aramco President and Chief Executive Officer Khalid A. Al-Falih and Dow Chairman and Chief Executive Officer Andrew Liveris were the signatories. Once complete, the JV complex will be one of the world's largest integrated chemical facilities, and the largest ever built in one single phase. In July, the respective boards authorized for a go ahead with the joint venture.

The manufacturing units will produce a wide range of performance products such as polyurethanes, propylene oxide, propylene glycol, elastomers, linear low density polyethylene, low density polyethylene, glycol ethers and amines. Sadara will market products within a regional zone of eight countries, including the Kingdom. Dow said it expects Sadara to deliver annual revenues of approximately $10 billion within a few years of operation.