Materials

Dow Chemical Company, which supplies coatings to the packaging industry, and oil company Saudi Aramco are to invest USD26bn (£13.2bn) in a petrochemicals complex in Saudi Arabia according to reports.

The chemical plant, which would use low-cost oil supplies, would open up cheaper raw materials to Dow and would help Saudi to diversify from petroleum into higher-value products.

Dow has raised its prices by up to 25% this month to recoup rising energy and raw-material costs.

Dow serves customers in around 160 countries and has 46,000 employees worldwide.