Monday, December 29, 2008

Massive Dow-PIC petrochem deal abandoned by Kuwait

US chemical major, Dow Chemical faced a severe blow as Kuwait withdrew from the deal to form US$17.4 bln petrochemical joint venture with state-owned Petrochemical Industries Co (PIC). Kuwait's Supremme Petroleum Council (SPC), at a meeting headed by Prime Minister Sheikh Nasser al-Mohammad al-Sabah, reached an agreement to scrap the deal which faced severe opposition from the members of the parliaments.

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