Dow Chemical and Kuwait Firm in Joint Venture
NEW YORK, Dec 13 (Reuters) – Dow Chemical and a unit of Kuwait Petroleum said on Thursday they will form a petrochemicals joint venture to link the Middle East company’s vast energy supply with Dow’s industry-leading market reach.
Dow said it will receive about $9.5 billion from Petrochemical Industries for contributing five of its global businesses worth about $19 billion to the joint venture. Those units contributed about a quarter of Dow’s 2006 revenues. The joint venture will manufacture and sell chemicals used in products ranging from plastic bottles, compact disks and computers to agricultural compounds. Full Story