In 1982 Dow pulled out of a petrochemicals venture with the kingdom as prices slumped.
Attempts to diversify the Saudi economy beyond oil, gas and petrochemicals have not gone far.
His plan was to use its assets to build a global petrochemicals empire through debt-laden deals.
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Manufacturing, including automobiles, steel, petrochemicals, computers, aircraft and consumer durables, account for 31% of GDP.
The U.S. Department of Energy wants to replace one-quarter of petrochemicals with bio-versions by 2030.
Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development.
Rarely do all three energy subsectors--production, petrochemicals and refining--move together, but it could happen soon.
On petrochemicals, "we will have to be very efficient to be competitive, " concedes Gokongwei.
The government may still extend non-tariff incentives to help the country's only petrochemicals maker succeed.
Currently, it is pushing investment in education and biotechnology, just as it once promoted electronics and petrochemicals.
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Talisman, based in Canada, is creating a joint venture with Sinopec, also known as the Chinese Petrochemicals Corporation.
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Three years ago Aramco approached Dow to jointly build a petrochemicals plant at Rabigh, on the west coast.
There is worldwide overcapacity in petrochemicals, automobiles and auto parts, which were targeted as Thailand's key growth sectors.
Carpets made with this new polymer accept dye more easily and resist stains better than carpets made with petrochemicals.
"It's got all the functionality of plastics derived from petrochemicals, but it's made from a renewable resource, " says Stavropoulos.
The Philippines has reduced tariffs on foreign petrochemicals to 10%, while other ASEAN countries "still have 30%, " he says.
The company is a global manufacturer of petrochemicals, specialty chemicals and oil products.
Paul Bernard of Goldman Sachs, an investment bank, thinks that it is the most competitive petrochemicals firm in Asia.
The oil, gas and petrochemicals sector employs only 120, 000 workers, and is hardly going to mop up the job-seekers.
Growth had been fueled by investments in liquefied natural gas, petrochemicals, and steel.
Private investment would be allowed in shale gas and oil, refining and petrochemicals.
Westlake Chemical Corp. manufactures and markets petrochemicals, polymers and fabricated building products.
Which makes sense, given the ingredients used to preserve and give them their color are derived from petrochemicals and butane.
Demand of petrochemicals is tied to GDP and thus an improving economy in 2011 and beyond is likely to aid sales.
He decided to go into petrochemicals while attending a Pacific Rim business conference in the Indonesian island of Bali in mid-1994.
The Houston-based company enables the movement of natural gas in the U.S., as well as dabbling in oil and petrochemicals.
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He pioneered the oil trade with Russia, bartering drill pipe, petrochemicals and engineering services to the Soviet Union in exchange for crude.
This marks a major diversification for the petrochemicals and refining giant since its expansion into retailing, which has yet to pay off.
Switching feedstock from naphtha, derived from oil, to ethane, derived from gas, has kept petrochemicals cheap even as oil prices have peaked.
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More controversially, the firm wants to get back into petrochemicals (its former chemicals offshoots were hived off and privatised by the government).
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