Dow and Saudi Aramco's Joint Chemicals Facility
In an effort to strengthen Saudi Arabia’s role as a leading hub for petrochemical export, Dow Chemicals is teaming up with Saudi Aramco to construct and operate the world’s biggest chemicals complex. Located at Jubail on Saudi Arabia’s Persian Gulf coast, the joint venture—to be named Sadara Chemical Co.—is scheduled for immediate construction and is expected to be running by late 2015, with all manufacturing units online by 2016.
The Sadara complex is estimated to cost $20 billion, and will generate annual revenue of $10 billion. The project will solidify Saudi Aramco’s position as the world’s largest energy company, with capacity to produce 12.5 million barrels a day of crude oil.
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"This premier partnership is ... designed to capture growth in the rapidly growing sectors of energy, transportation and infrastructure, and consumer products," Dow Chief Executive Officer Andrew N. Liveris said in the statement.
Aramco's Chief Executive Officer Khaled Al Falih said the joint venture with Dow would "enable significant development in the country's conversion industry, thereby supporting Saudi Arabia's ambition to be a magnet for downstream manufacturing investments that add significant value to the kingdom's hydrocarbon resources."
Sadara will be Saudi Aramco’s second large-scale petrochemical complex in the country, the first being a joint venture with Sumitomo Chemical Co. The plant will produce polyeurethanes, propylene oxide, propylene glycol, elastomers, linear low-density polyethylene, low-density polyethylene, glycol ethers and amines.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.