Dow Chemical Receives Notification of Kuwait Decision to Cancel K-Dow Partnership
Company (NYSE: DOW) has been verbally informed by our 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 by the Kuwait Government,
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.
SOURCE The Dow Chemical Company