Kuwait's PIC to benefit from Dow JV
Manama, December 28, 2008
The joint venture with Kuwait's Petrochemical Industry Company (PIC) will reap great economic benefits, the Dow Chemical Company said yesterday.
'The new joint venture with PIC will be a partnership built on respect and mutual economic benefits,' Dow Chemical told thousands of its employees around the world in an open letter.
'Among the accomplishments over the past year has been the strong and growing economic relationship between our company and our business partners in Kuwait,' the company said.
It affirmed the history of the two companies - Dow and PIC - who have joined together to establish a new global petrochemical leader, a company to be known as K-Dow Petrochemicals.
'The new venture . . . brings together two formidable companies with long and impressive traditions. Throughout its 111-year history, Dow has been well-respected for building and maintaining strong, enduring and honourable business relationships with its partners. And PIC brings all the historic talent, energy, enthusiasm and determination of the Kuwaiti people who have made it a world leader in the petrochemical industry,' Dow Chemical said.
'We would like to affirm our strong commitment that K-Dow will always be a company that benefits the communities and countries in which it operates, as well as the people and businesses it serves.'
'Our Kuwaiti partners negotiated with tenacity and resolve to assure the company we were building together would be worthy of the immense talent and energy of the Kuwaiti men and women who would become its foundation.
'The result is fair and equitable according to extensive review by internal and external negotiators and the many banks and auditing organisations that have been intimately involved throughout the process.'