Sector News

Dow Chemical Shifting Strategy in Kuwait

November 25, 2014
Chemical Value Chain
(Reuters) – U.S. petrochemicals giant Dow Chemical Co (DOW) is not pulling out of Kuwait but is shifting strategy, its chief executive said on Monday, after the company announced plans to reduce its equity positions in all of its Kuwaiti ventures.
 
Asked about Dow’s strategy in Kuwait, Chief Executive Andrew Liveris, speaking on the sidelines of a conference in Dubai, said his company was “moving from doing commodities just for commodities sake, moving more downstream and Kuwait is more about commodities…”
 
“We are not pulling out of Kuwait,” he said.
 
Dow Chemical announced earlier this month said that as part of a $7-$8.5 billion divestiture plan, it would reduce its equity positions in all of its Kuwaiti ventures, in order to release capital for other strategic purposes. It did not give details.
 
Kuwaiti state news agency KUNA earlier this month quoted a senior Kuwaiti executive as saying that the Gulf Arab state was planning to offer to the public the shares in Kuwaiti joint ventures which Dow Chemical planned to sell off.

Related News

September 22, 2020

Saudi Arabia’s SIIG and Petrochem in merger talks

Chemical Value Chain

Saudi Industrial Investment Group (SIIG; Riyadh) and National Petrochemical Co. (Petrochem; Jubail, Saudi Arabia) say they have started talks over a potential merger of the two companies. SIIG and Petrochem […]

September 22, 2020

Solvay to cut hydrogen peroxide capacity in Europe under realignment

Chemical Value Chain

Solvay has launched its Peroxides for the Future (P4F) program, a multi-year plan to adapt its peroxides industrial footprint in EMEA and make product available where customers need it most. […]

September 21, 2020

INEOS Styrolution and Trinseo Advance Plans for First European Polystyrene Recycling Plant in France

Chemical Value Chain

INEOS Styrolution and Trinseo, global leaders in the manufacturing of polystyrene and other styrenic materials, announced today that they are advancing plans to build the first-of-its-kind polystyrene recycling plant based […]