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Dow and Kuwait Petroleum to Form Petrochemicals JV
11:35 AM MST | December 13, 2007 | Kerri Walsh
Dow Chemical says it plans to form a 50-50 petrochemical joint venture with Kuwait Petroleumâ€™s Petrochemical Industries Company (PIC; Kuwait City) subsidiary. PIC will pay about $9.5 billion pretax for a 50% stake in Dowâ€™s polyethylene (PE), ethylene, ethanolamines, polypropylene (PP), and polycarbonate (PC) businesses that will comprise the jv. The deal is expected to close by the end of 2008, Dow says. The deal is consistent with Dowâ€™s plans to secure â€ścompetitively advantaged feedstocks,â€ť Dow says. Kuwait is an OPEC member, and will provide Dow with...
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