Dow chief celebrates historic Kuwait partnership
Kuwait , February 23, 2010
The Dow Chemical Company recently commemorated its historic partnership with Petrochemical Industries Company (PIC) of Kuwait at the inauguration of the Greater Equate facility.
The facility is an expansion of Dow and PIC’s successful 15-year joint venture, Equate Petrochemical Company, which is one of the Middle East’s leading producers of polyethylene and ethylene glycol.
Andrew N. Liveris, Dow’s chairman and chief executive officer, delivered a keynote address at the inauguration event marking the official launch of the Aromatics, Styrene and Olefins II plants under the name of Greater Equate.
Over 500 guests attended the two-hour inaugural ceremony, including the Emir of Kuwait, the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, the Prime Minister of Kuwait Sheikh Nasser Al-Mohammed Al-Ahmed Al-Jaber Al-Sabah, the Minister of Oil, Electricity and Water Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, and members from the Supreme Petroleum Council of Kuwait.
In his keynote address, Liveris took a moment to congratulate the Emir and the people of Kuwait on the nation’s upcoming National Day and Liberation Day celebrations.
“I know that PIC shares our feelings of pride on this momentous occasion for our partnership,” he remarked.
"The success of Equate – and of all our joint venture partnerships in Kuwait – lies in the common values and understanding that we share with PIC and with the people of Kuwait."
"Together we have achieved a successful global business relationship that not only benefits Dow, but has a tremendous impact on Kuwait, its people and its economy," Liveris added.
Markus Wildi, vice president of Corporate Development in Kuwait, said the success of Greater Equate is a testament to Dow's continued commitment to Kuwait and its people.
"This moment is the culmination of years of collaboration and hard work between Dow and PIC. Through our joint ventures, we remain one of the largest private sector employers in the country’s chemical industry," he pointed out.
Wildi said the expansion of its partnership with PIC will provide more Kuwaitis with employment opportunities, elite training, access to technology know-how and global business management expertise.
For 15 years, Dow and PIC have partnered together to create six joint ventures representing 25 separate legal entities around the world. Currently, the Greater Equate joint ventures represent more than 60 per cent of the non-oil GDP of Kuwait.
Dow and PIC’s joint ventures combine Dow's strong existing asset base, technology leadership and market experience in driving innovation toward solving the world's most pressing problems in a manner that respects the planet and future generations.-TradeArabia News Service