Dow says Aramco JV IPO stock to be listed in Saudi

DEAD SEA, Jordan, May 18 (Reuters) - Dow Chemical (DOW.N) said on Friday it and state-owned Aramco plan to list on the Saudi exchange shares they sell in an initial public offering in a chemical joint venture.

"It'll be Saudi Arabia," Earl Shipp, president of Dow in India, the Middle East and Africa, told Reuters on the sidelines of an economic conference in Jordan.

Industry sources have said the project will cost about $20 billion to develop. Shipp declined to comment on cost saying it would take as long as a year-and-a-half to find out.

The two companies plan to sell a 30 percent stake in the project in the IPO, with each retaining 35 percent.