13 January 2009 19:42 [Source: ICIS news]
TORONTO (ICIS news)--Kuwaiti lawmakers plan to investigate the country’s government over its handling of the K-Dow Petrochemicals joint venture deal with Dow Chemical, which was cancelled late December, media reports said on Tuesday.
Twelve deputies of ?xml:namespace>
They quoted foreign minister sheikh Mohammad al-Sabah as saying that the government would cooperate with the investigation.
Media officials at Dow Chemical were not immediately available for comment.
Dow Chemical said last week it planned to take legal action following Kuwait’s withdrawal on 29 December from the K-Dow venture, for which the country’s Petrochemical Industries Co (PIC) was to pay Dow $7.5bn (€5.6bn).
The K-Dow joint venture was pivotal to Dow’s strategy to lighten its asset base and create a more market-facing chemical company with its planned $18.5bn acquisition of
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections