Kuwaits KPC forms key alliance with Dow Chemical CompanyJanuary 9th, 2008 - 3:55 pm ICT by admin
Nicosia, Jan. 9 (ANI): The Chief Executive Officer of Kuwait Petroleum Corporation, Saad Al Shuwaib, has recently announced that the companys wholly owned subsidiary Petrochemical Industries Company (PIC) plans to form a 50/50 joint venture with the Dow Chemical Company.
The joint venture will be a global petrochemicals company, expected to have revenues of more than $11 billion and employing more than 5000 people worldwide.
The joint venture, which will have its headquarters in the United States, will manufacture and market polyethylene, ethylenamines, ethanolamines, polycarbonate and polypropylene.
A joint statement from the two companies says that the new venture will build upon PICs feedstock position and commitment to global petrochemicals growth, KPCs position as one of the worlds top-10 energy/hydrocarbons companies, and Dows technology and market leadership including its number one position in polyethylene, ethyleneamines and ethanolamines.
Dow will also maintain its world-class security, environment, health and safety standards in the new venture. Customers, in turn, will benefit from an even stronger supplier having feedstock integration, global supply chain, advanced technologies, resources to grow with customer demand, and an ongoing commitment to the future of the petrochemical industry. (ANI)
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