Libyaâ€™s National Oil Corporation and The Dow Chemical Company
â€“National Oil Corporation of Libya (NOC) and The Dow Chemical Company (DOW) have announced plans to participate in a joint venture to operate and expand the Ras Lanuf petrochemical complex in Libya.
The Country (Libya) recently embarked on a policy of attracting foreign expertise and investments which will lead to further reintegration into the global economy. Dow is the first global chemical company to participate in such economic development of the Libyan petrochemical industry.
The investment supports the Libyan governmentâ€™s economic policy in diversifying its domestic economy by expanding its downstream industries; including petrochemical and basic product manufacturing. Enhancements at the Ras Lanuf petrochemical complex on the Mediterranean coast will position the joint venture for future growth as a world-class supplier of polyethylene and polypropylene.
Through the joint venture, Dow will help upgrade and modernize existing assets to develop more high-skilled jobs in country and stimulate investments in associated industries by utilizing its technical capabilities.
â€œWe are very enthusiastic about the opportunity for Dow to participate in this project with NOC and work together to invest in this dynamic part of the world,â€ said Andrew Liveris, chairman and CEO of Dow. â€œThis venture is consistent with Dowâ€™s strategy to grow its position in Basic Plastics and Chemicals through joint ventures. Our participation in the partnership with NOC at Ras Lanuf will benefit from an advantaged strategic location on the Mediterranean and competitive feedstock. This activity also represents another example of Dowâ€™s commitment to the region.â€
Dr. Shukri Ghanem, Chairman of NOC, said, â€œWe are delighted our companies are negotiating an agreement of this nature for the benefit of the Libyan economy. The partnership will bring a respected global company and its expertise together with a proven National enterprise to upgrade and produce world grade products while enhancing the technical abilities of the Libyan workforce.â€
The joint venture agreement encompasses the Ras Lanuf siteâ€™s existing naphtha cracker, two polyethylene production facilities and associated infrastructure. The project will include refurbishment and expansion of the existing units, followed by construction of an ethane cracker and additional polyethylene and polypropylene facilities. Later phases will include construction of additional hydrocarbon, plastics and chemical production facilities based on natural gas.
The Ras Lanuf petrochemical complex is on the Mediterranean coast of Libya and was built in the 1980s. More information about the complex is available at http://www.raslanuf.com/ .
NOC was established in 1970 to implement the strategy of the countryâ€™s policy in upstream and downstream oil and gas activities. NOC, through wholly and partially owned subsidiaries,
runs a network of onshore/offshore oil, gas, and product facilities for domestic and export markets. Presently NOC produces about 1.7 million bls/day of crude oil and about 2.7 TSCFD of raw gas. NOC 5 petroleum refineries having a total refining capacity of 380,000 lbs/day of methanol, ammonia, urea plants, producing 2000 t/day, 2200 t/day and 2750 t/day respectively as well as petrochemical facilities at Ras Lanuf based on Naphtha cracking producing about 330 kt/year Ethylene, 170 kt/year Propylene, 130 kt/year mixed C4â€™s and 325 kt/year Pyrolysis Gasoline. Part of Ethylene is used to produce about 80 kt/year LLDPE and 80 kt/year of HDPE. Also affiliated to NOC is a petroleum research center which carries out research and technical studies related to the oil industry and conducts technical analysis and tests for the various stages of exploration and production of oil and petroleum products to ensure quality control.
Dow is a diversified chemical company that harnesses the power of innovation, science and technology to constantly improve what is essential to human progress. The Company offers a broad range of products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $49 billion and employs 43,000 people worldwide. References to â€œDowâ€ or the â€œCompanyâ€ mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
Note: The forwardâ€‘looking statements contained in this document involve risks and uncertainties that may affect the Companyâ€™s operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Companyâ€™s expectations will be realized. The Company assumes no obligation to provide revisions to any forwardâ€‘looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
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