Joint venture

The Dow Chemical Company and Kuwait-based Petrochemical Industries Company are to form a 50/50 petrochemicals joint venture.


The Dow Chemical Company and Kuwait-based Petrochemical Industries Company (PIC), a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), are to form a 50/50 petrochemicals joint venture.


The joint venture, with headquarters in the US, will manufacture and market polyethylene, ethyleneamines, ethanolamines, polypropylene, and polycarbonate.


The company is expected to have revenues of more than $11bn and employ more than 5,000 people worldwide.


The transaction is subject to the completion of definitive agreements, customary conditions and regulatory approvals, and is anticipated to close in late 2008.