Dow to sell off 50% of its petrochemical operations to PIC

Consequential to its pledge to reduce the company dependence on the cyclical nature of the petrochemicals businesses, Dow Chemical plan to hive off 50% of its petrochemicals operations to Kuwait's Petrochemical Industries Co. (PIC) for US$9.5 bln. As a result of the ensuing joint venture, Dow will be free to concentrate on more performance chemicals businesses that are essentially technology-driven. It will include all of Dow's polyethylene (largest in the world), ethanolamines and ethyleneamines businesses, polycarbonate and polypropylene businesses. The joint venture will own Dow's ethylene complexes in Fort Saskatchewan, Alberta; Bahia Blanca, Argentina; and Tarragona, Spain. Other ethylene crackers, such as Dow's Freeport, Texas, site, will supply the partnership with feedstock under contract. The 50-50 joint venture is expected to be completed by the end of 2008, and will have annual sales of about US$11 billion.
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