Dow and Kuwait Petroleum to Form Petrochemicals JV

Dow Chemical says it plans to form a 50-50 petrochemical joint venture with Kuwait Petroleum’s Petrochemical Industries Company (PIC; Kuwait City) subsidiary. PIC will pay about $9.5 billion pretax for a 50% stake in Dow’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 Dow’s plans to secure “competitively advantaged feedstocks,” Dow says. Kuwait is an OPEC member, and will provide Dow with...

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