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Dow Chemical Receives Notification of Kuwait Decision to Cancel K-Dow Partnership

Source: www.gulfoilandgas.com 12/28/2008, Location: Middle East

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Dow Chemical Company has been verbally informed by its partners at the Kuwait Petroleum Corporation (KPC) and Petrochemicals Industries Company (PIC) about a decision made by the Kuwait Supreme Petroleum Council (SPC), to reverse its prior approval of the agreement between Dow and PIC to enter into K-Dow Petrochemicals, a planned 50-50 joint venture company. The partners have informed us that there will be official written notification of the decision within the next few days.

Dow is extremely disappointed with the decision, and is in the process of evaluating its options pursuant to the Joint Venture Formation Agreement. While disappointed in this outcome, Dow remains committed to its Middle East Strategy.

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