Dow, PIC form joint venture

MIDLAND, Mich. (Dec. 2, 2008) – Dow Chemical Co. and Petrochemical Industries Co., a wholly owned subsidiary of Kuwait Petroleum Corp., have signed a 50-50 joint venture agreement to form K-Dow Petrochemicals.

K-Dow will be a global supplier of petrochemicals and plastics and will manufacture and market polyethylene, ethylenamines, ethanolamines, polypropylene and polycarbonate, Dow said.

Dow is contributing a total enterprise value of $17.4 billion into K-Dow while PIC is contributing about $7.5 billion. Dow expects to receive $9 billion in pretax proceeds relating to the…

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