NOC-Dow JV to expand Ras Lanuf petrochemical complex

24 Apr '07

3 min read

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 government'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.

“We 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,” said Andrew Liveris, chairman and CEO of Dow. “This venture is consistent with Dow'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 Dow's commitment to the region.”