More ethylene projects could go to Dow jv – CEO

13 December 2007 19:39  [Source: ICIS news]

NEW YORK (ICIS news)--Dow Chemical could offer additional ethylene business to a joint-venture with Kuwait Petrochemical Industries Co (PIC) announced on Thursday.

“We have some ethylene chain projects out there that over time will be put in as part of this JV if it works for our partner,” Dow CEO Andrew Liveris told ICIS in an interview.

Dow and PIC announced an $11bn (€7.5bn) joint venture to take advantage of the Kuwait firm’s access to feedstock and to allow Dow to focus on its strengths in specialty chemicals.

To form the separately-run, US-headquartered joint venture, Dow will sell PIC a 50% share in five of its global businesses worth approximately $19bn in exchange for a $9.5bn payment from PIC.

($1.00 = €0.68)

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Author: Joseph Chang
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