Saudi Arabia’s Sadara Basic Services has signed agreements covering storage facilities and port services in preparation for its petrochemicals production strategy, that will begin by the end of this year, reported Reuters.

Sadara will also sell some tank storage facilities to Jubail Chemical and Storage Services Company (JCSSC) at cost for around $470m, the company said in a statement.

For their part JCSSC will provide bulk storage and product handling services to Sadara for 20 years at the King Fahd Industrial Port in Jubail.

According to Trade Arabia, Sadara Chemical is a $20b petrochemical joint venture between Saudi Aramco and Dow Chemical.

Aramco and Dow have insisted the project will be executed on schedule despite the slump in global oil prices and a similar dip in petrochemical prices.

JCSSC is owned by Saudi Basic Industries Corp and Vopak and has a storage and shipping terminal.