US Dow in talks with several groups about basic businesses

12 March 2009 22:23  [Source: ICIS news]

HOUSTON (ICIS news)--US major Dow Chemical is pursuing other options for its basic businesses, in addition to revisiting the deal with Petrochemical Industries Co (PIC) of Kuwait, a spokesman said on Thursday.

Dow and PIC had planned to establish a joint venture, K-Dow Petrochemicals, in which Dow would spin off many of its basic businesses. However, the joint venture collapsed.

"As we have consistently stated, we are interested in revisiting the deal with our partner in Kuwait," according to a statement by David Winder, Dow spokesman. "However, we have also sought to protect our rights under the arbitration provisions and we are also pursuing other opportunities."

Earlier this week, CEO Andrew Liveris said in a conference call that Dow is in talks with two state-owned oil-and-gas enterprises that are interested in the basic segments. He did not identify the enterprises.

Any progress will take more than two quarters, he said.

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By: Al Greenwood
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