PIC-Dow venture faces heat in Kuwait; opposition urges PIC to shun investment

23-Dec-08
K-Dow Petrochemicals, a massive joint venture between Kuwait's state-owned Petrochemicals Industries Co. (PIC) and US chemical major Dow Chemical has faced a lot of heat in Kuwait. Popular Action Bloc, an opposition bloc in the country, has accused the government of misappropriating the public funds amid the global financial turmoil urging PIC to pull back plans of outlaying US$ 7.5 bln in the JV. The contribution of the American JV partner includes assets like plants and research centres in several countries, and legal officials in the Gulf state assert the value of these have come down due to the global financial whirlwind. The officials of the liberal Popular Action Bloc had earlier threatened to quiz Kuwaiti Prime Minister Sheikh Nasser al-Mohammad al-Sabah should the state-owned PIC march ahead with the venture.
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