Kuwait cancels Dow
The deteriorating economic conditions were blamed for the decision by the Kuwaiti government to cancel its US$17bn joint venture with Dow Chemical. The move, announced on 28 December after days of speculation and political pressure to scrap the deal, followed a meeting of Kuwait’s Supreme Petroleum Council and came three days before the deal was due to take effect. The Kuwaiti government, through state-owned Petrochemical Industries Company (PIC), was due to pay US$7.5bn for a 50-50 stake in K-Dow Petrochemicals.
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