Dow Chemical has finalized a joint venture agreement with Petrochemical Industries Co., a subsidiary of the Kuwait Petroleum Corp., to form K-Dow Petrochemicals, which will market plastics and other related products. The deal was first announced last December, and the new company is slated to commence production by Jan. 1, 2009. 2 of their existing joint ventures, MEGlobal and Equipolymers, will be folded into the venture. When combined, K-Dow is expected to have annual sales of about US$15 bln. The deal has been approved by U.S., European and Kuwaiti regulatory agencies. The new venture will help both partners capture a larger share of the global chemicals market and boost profitability.