Saudi Aramco Selects Dow for Negotiations on New Petrochemical Complex at Ras Tanura, Kingdom of Saudi Arabia

Dhahran, Saudi Arabia and Midland, MI - July 10, 2006, The Saudi Arabian Oil Company (Saudi Aramco) has selected The Dow Chemical Company as its potential partner to engage in exclusive negotiations concerning a joint venture company to construct, own and operate a world-scale chemicals and plastics production complex at Ras Tanura, in Saudi Arabia’s Eastern Province.

This joint venture would encompass an array of world-scale facilities producing a very broad portfolio of plastics and chemical products.

The proposed petrochemical project would be integrated with the existing Ras Tanura refinery complex, which is one of the world’s largest refinery complexes. When fully operational, the new petrochemical complex would be one of the largest plastics and chemicals production complexes in the world and be ideally situated to access most major world markets. The joint venture would produce an extensive and diversified slate of chemicals, and introduce new value chains and specialty products to the Kingdom. The availability of these chemicals in the Kingdom would facilitate the development of downstream conversion industries and the further industrialization of the Kingdom.

About Saudi Aramco

Owned by the Saudi Arabian Government, Saudi Aramco is a fully-integrated, global petroleum enterprise, and a world leader in exploration and producing, refining, distribution, shipping and marketing. The company manages proven reserves of 260 billion barrels of oil (nearly a quarter of the world’s total) the largest of any company in the world, and manages the fourth-largest gas reserves in the world. Saudi Aramco owns and operates the world’s second largest tanker fleet to help transport its crude oil production, which amounted to 3.3 billion barrels in 2005. In addition to its headquarters in Saudi Arabia’s Eastern Province city of Dhahran, Saudi Aramco has affiliates, joint ventures and subsidiary offices in China, Japan, Netherlands, Philippines, Republic of Korea, Singapore, United Arab Emirates, United Kingdom and the United States. More information about Saudi Aramco can be found at www.saudiaramco.com.

About The Dow Chemical Company

Dow is a diversified chemical company that harnesses the power of science and technology to improve living daily. The Company offers a broad range of innovative 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 $46 billion and employs 42,000 people worldwide. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.


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