Saudi Aramco, Dow Joint Venture Project Continues to Make Progress

Dhahran, Saudi Arabia - Saudi Aramco and The Dow Chemical Company have announced that a proposed joint venture petrochemical project continues to make progress with the front-end engineering and design (FEED) work expected to be completed in mid-2011.

Saudi Aramco and Dow confirm that they have decided on Jubail Industrial City as the planned site location for the project. The decision comes after having evaluated a broad set of variables, which includes anticipated infrastructure benefits and various potential business integration opportunities.

Jubail Industrial City is the largest industrial complex of its kind in the world. It is located in the Eastern Province of the Kingdom of Saudi Arabia, approximately 100 kilometers north-west of Dammam.

Abdulaziz Al-Judaimi, Saudi Aramco’s Vice President responsible for the project said: “We continue to execute the project. The commitment of both partners demonstrates the strategic importance of this project and the benefits of investing in the Kingdom of Saudi Arabia.”

Dow Senior Vice President Jim McIlvenny commented: “The project has and continues to benefit from the shared dedication and hard work of top talent from Dow and Saudi Aramco. The project team will continue to evaluate all variables that could impact the ultimate investment decision and the relevant stakeholders.”

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Dow combines the power of science and technology with the “Human Element” to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world’s most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow’s diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2009, Dow had annual sales of $45 billion and employed approximately 52,000 people worldwide. The Company’s more than 5,000 products are manufactured at 214 sites in 37 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.