IHS Chemical Week

Regions :: Middle East :: Kuwait

Dow and Kuwait Rework K-Dow Deal

9:45 AM MST | December 8, 2008 | Rebecca Coons and Robert Westervelt

Dow Chemical says it has signed a binding agreement with Kuwait’s Petrochemical Industries Co. (PIC; Kuwait City) to form a previously announced 50-50 joint venture, K-Dow Petrochemicals, accepting a lower price for its share of the venture. The deal, which was announced last December, remains on track to close by year-end, Dow says. The enterprise value of Dow’s asset contributions to the jv has fallen to $17.4 billion, from about $19 billion. Dow cites the weaker industry outlook for decline in value and more favorable terms for PIC. “This...

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