Gulf Oil and Gas accountACCOUNT

Dow is First Company to Receive Trading License in Saudi Arabia

Source: www.gulfoilandgas.com 6/16/2016, Location: Middle East

The Dow Chemical Company recently became the first company to receive a trading license from the Government of Saudi Arabia, allowing 100 percent ownership in the country’s trading sector, expanding Dow’s long history of partnership and investment in the Kingdom.

The trading license advances Dow’s ability to deliver high-value, innovative products that will benefit Saudi Arabia in the areas of sustainable development, energy-efficiency, oil and gas, alternative energy and water. Saudi Arabia recently approved the issuance of trading licenses to companies outside of the Kingdom in alignment with the country’s strategy to diversify its economy and address challenges brought by lower global energy prices.

“Dow is truly honored to be the first company to receive a trading license and advance our legacy of strategic partnerships and investments in the Kingdom,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. “Dow has been a strategic partner in Saudi Arabia for nearly 40 years and we look forward to playing a key role in helping advance the Saudi’s Vision 2030 plan designed to create a vibrant society and a thriving diversified economy.”

His Royal Highness, the Deputy Crown Prince of Saudi Arabia, Mohammad Bin Salman Al Saud, presented the trading license directly to Liveris at the Royal Embassy of Saudi Arabia in Washington, D.C., and in the presence of His Excellency, Dr. Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment, and His Excellency, Khalid Al-Falih, Minister of Energy and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco.

Dow is the largest foreign investor in Saudi Arabia, and maintains several joint ventures in the region including a joint venture with Juffali & Brothers, and Saudi Acrylic Monomer Company (SAMCo). Additional strategic investments in the country include Sadara Chemical Company (Sadara), Dow’s joint venture with Saudi Arabian Oil Company (Saudi Aramco), agreements with King Abdullah University of Science and Technology (KAUST) to construct a new Dow Middle East Research and Development Center, and a Reverse Osmosis manufacturing facility – the first unit of its kind outside of the United States.

Dow currently has more than 500 employees in Saudi Arabia. The trading license is expected to create additional employment opportunities for the highly educated Saudi workforce, with a particular focus on improving women’s participation in the local workforce.

Oil & Gas Companies News in Saudi Arabia >>

Saudi Arabia >>  11/13/2019 - Sadara Chemical Company (Sadara) and Baker Hughes have signed agreements through which Sadara will supply feedstock chemicals to a Baker Hughes chemic...
Kuwait >>  11/12/2019 - Honeywell (HON) announced that Kuwait Integrated Petroleum Industries Company (KIPIC) has selected Honeywell Process Solutions (HPS) to be the main au...

United Arab Emirates >>  11/12/2019 - ADNOC LNG has concluded supply agreements with subsidiaries of BP and TOTAL, effectively booking out the majority of its LNG production through Q1 202...
United Arab Emirates >>  11/11/2019 - Penspen has been awarded a prestigious Project Management Consultancy (PMC) framework agreement from the Abu Dhabi National Oil Company (ADNOC). The f...

Oman >>  11/6/2019 - Rex International Holding subsidiary Masirah Oil has announced that it has awarded a drilling rig contract to Foresight Offshore Drilling, to utilize ...
United Arab Emirates >>  11/5/2019 - GMS announces the award of a 4-year contract (firm period) for a K-Class (Small) vessel. GMS's customer is a Middle East national oil company, for whi...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.