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1/26/2009

K-Dow Joint Venture Is Scrapped by Kuwait

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The K-Dow Petrochemicals joint venture of Dow Chemical Co., Midland, Mich., and Petrochemical Industries Co. (PIC) sub. of Kuwait Petroleum Corp. (KPC), was canceled on Dec. 28, just before it was to launch on Jan. 1.

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The K-Dow Petrochemicals joint venture of Dow Chemical Co., Midland, Mich., and Petrochemical Industries Co. (PIC) sub. of Kuwait Petroleum Corp. (KPC), was canceled on Dec. 28, just before it was to launch on Jan. 1. The Kuwait Supreme Petroleum Council rescinded its approval of the venture due to the sharp global recession and falling oil prices. K-Dow would have taken over Dow’s PE, PP, polycarbonate and PP technology licensing businesses. Dow said it was “shocked” and “extremely disappointed” by the Kuwaiti decision.

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