PIC owned by the state oil company Kuwait Petroleum.

The joint venture will own Dow's ethylene complexes in Fort Saskatchewan, Alberta; Bahia Blanca, Argentina; and Tarragona, Spain.
Other ethylene crackers, such as Dow's Freeport, Texas, site, will supply the partnership with feedstocks under contract.

In 1995, Union Carbide and PIC formed the joint venture Equate with minority partners to produce ethylene, polyethylene, and ethylene glycol.
Dow purchased Union Carbide in 2001 and built on this foundation by launching a similar joint venture, Equate II, which is now under construction in Kuwait.

Equate I 設立：1995 稼動：1997 当初株主：Dow Chemical　（旧ＵＣＣ） 45% 　　　　　　　Petrochemical Industries Co.(PIC) 45% 　　　　　　　Boubyan Petrochemicals 10% 民営化後：Dow Chemical　（旧ＵＣＣ） 42.5% 　　　　　　　Petrochemical Industries Co.(PIC) 42.5% 　　　　　　　Boubyan Petrochemicals 9% 　　　　　　　Qurain Petrochemical 6% 製品：エチレン　　当初 650千トン　増設後 800千トン 　　　　LL/HDPE　　　　450千トン　　　　　　600千トン 　　　　EG　　　　　　　　 300千トン　　　　　　400千トン 　　　　PP 　　　　　　　　100千トン　　　　　　120千トン 　　　　　（PIC資産、Equateが製造受託）

Equate II 社名：Kuwait Olefins Company 株主：Dow Chemical　 42.5% 　　 　Petrochemical Industries Co.(PIC) 42.5% 　　　 Boubyan Petrochemicals & NＰＳ 9% 　　　 Qurain Petrochemical 6% 製品： Ethylene Unit 850 KTA Polyethylene Expansion 300 KTA (Additional) Ethylene Glycol 600 KTA

In 2004, Dow and PIC formed the global ethylene glycol joint venture MEGlobal and the polyethylene terephthalate partnership Equipolymers. Like the planned petrochemical joint venture, these ventures were formed through PIC's purchase of a share in established Dow businesses. Taken together, all the Dow/PIC partnerships are expected to generate about $14 billion in revenues.

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Liveris said he wants to focus the company's remaining businesses - such as crop protection, insulation, water treatment, and advanced materials - on societal "megatrends" such as human health, energy, infrastructure and transportation, and electronics and communications.

Liveris referred to the megatrend areas as his company's "hunting grounds." And Dow will have $9.5 billion of cash from PIC to continue what it calls its transformation. Liveris adds, "We are not averse to any deal, no matter what the size."

On that point, one stock analyst, BB&T Capital Markets' Frank Mitsch, asked Liveris whether Dow was already planning a large acquisition. "The transformation agenda will require acquisitions," the CEO responded. "Stay tuned," he later added. "The Dow Chemical Company ain't done yet."

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Dow Chemical Investor Meeting

Webcast from New York City, Thursday, December 13, 2007
http://files.shareholder.com/downloads/GOPR/206276822x0x151345/faef9490-5e17-4d44-b746-a47426a8f28e/FINAL%20Dow%20PIC%20Joint%20Venture.pdf

Building the Dow of Tomorrow
Andrew N. Liveris

A World-Class Petrochemicals Company
Scope
　Polyethylene
　Polypropylene
　Polycarbonate
　Ethyleneamines and ethanolamines
　Related technologies
　Fully dedicated hydrocarbon assets
　　Fort Saskatchewan, Canada (cracker)
　　Bahia Blanca, Argentina (cracker)
　　Tarragona, Spain (cracker and octene manufacturing facility)
　Ethylene supply agreements from Dow’s other crackers

Creating a Polyolefins Leader
　No. 1 industry leader
　Advantaged feedstocks for growth
　Global franchise
　Unparalleled technology, R&D
　History of operational excellence
　Strong financial position
　Desire - and capability - to grow
　$10.8 billion in revenue - Fortune 250 equivalent

The New Enterprise　A World-Class Competitive Petrochemical Giant
(If combined with EQUATE / MEGlobal / Equipolymers)
　$14B in revenue
　14 sites - 6,300 employees
　Broad supplier of plastics (PE / PP / PC / PET) - World’s largest polyolefins producer
　World’s largest EO / EG / EO derivatives company

Performance Portfolio - Market Trends
　Four mega-trends are shaping the world for Dow and our customers
　Dow has unique capabilities to capitalize on these trends and provide unique solutions
　　Global footprint
　　Science and technology
　　Portfolio breadth and depth

Extend Geographic Growth
　R&D and IT centers in China 　Epoxy in China　Glycol Ethers and Latex in China　TDI in Brazil　
　Ag seeds facilities in Brazil (3 cities)　Latex, PU Systems in Brazil　R&D center in India　
　Gazprom discussions in Russia　National Oil Company in Libya　Methane-to-Chemicals research in China
　Manufacturing & Engineering in India 　Support Services in India　Dow Automotive in Dow Central Germany
　Styrofoam in Russia　PU Systems in Russia　Dow Izolan in Russia
　Zhejiang Omex Environmental Engineering in China　Rompetrol Petrochemicals agreement in Romania
　Liquid crackers in Thailand

　Dow’s annual revenue growth rate in emerging economies hasbeen twicethe growth rate in established regions.

Actively Manage Portfolio
Since beginning of 2003
　92 Plants shutdown or announced
　42 Sites exited or announced
　38 Businesses divested

Accelerate Technology & Innovation
　New Product Sales = 33% of total
　Patent applications have doubled in the last five years
　　551 in 2002 vs. ~1,100 in 2007
　Project pipeline has doubled in last 10 years
　　~$5B in 1997 vs. ~$10B today
　Elite global talent pool working on >600 R&D projects
　　Potential EBIT of $2B by 2011

　　Ranked as one of Top 10 R&D companies 　R&D Magazine

2008/12/28 Dow 　　　　関連情報

Dow Chemical Receives Notification of Kuwait Decision to Cancel K-Dow Partnership

Today, The Dow Chemical Company has been verbally informed by our partners at the Kuwait Petroleum Corporation (KPC) and Petrochemicals Industries Company (PIC) about a decision made by the Kuwait Supreme Petroleum Council (SPC), to reverse its prior approval of the agreement between Dow and PIC to enter into K-Dow Petrochemicals, a planned 50-50 joint venture company.  The partners have informed us that there will be official written notification of the decision within the next few days.

Dow is extremely disappointed with the decision by the Kuwait Government, and is in the process of evaluating its options pursuant to the Joint Venture Formation Agreement. While disappointed in this outcome, Dow remains committed to its Middle East Strategy. 

最高石油評議会

クウェイトの石油政策は「最高石油評議会 (Supreme Petroleum Council)」によって決定される。同評議会は、サバーハ　アル・アハマド　アル・サバーハ第１副首相兼外務大臣を議長とし、石油大臣をはじめとする 関係閣僚、中央銀行総裁および民間の代表者達から構成されており、石油政策に関する最高責任を有している。年に４回以上開催される。

2009/1/6 Dow　 　　　ブログ

Dow Chemical Confirms Commitment to Transformational Corporate Strategy
Will Pursue Legal and Other Options on Kuwait Deal; Accelerates Discussions around New Partnerships; Reiterates Commitment to Strong Investment Grade Rating

The Dow Chemical Company today announced a wide range of legal, operational and financial actions that will keep the Company on track to fulfill the transformational corporate strategy Dow has pursued since 2005.

Dow to Pursue Legal and Other Options to Fulfill Rights under Kuwait Agreement

Beyond K-Dow: New Partnerships, New Opportunities

Remaining Responsive to a Volatile Global Economic Environment

Commitment to Financial Discipline and Maintaining Strong Investment Grade Credit Ratings

Commitment to Dow Shareholders