Mr. Saad Al Shuwaib, the Chief Executive Officer, announced in a press conference last Thursday, plans to form a 50/50 joint venture between Petrochemical Industries Company (PIC) and Dow Chemical Company (Dow) that will be a market-leading, global petrochemicals company.
The joint venture, to be headquartered in the United States, will manufacture and market polyethylene, ethylenamines, ethanolamines, polypropylene, and polycarbonate. The JV is expected to have revenues of more than $11 billion (pro forma) and employ more than 5000 people worldwide.Mr. Saad Al Shuwaib, the Chief Executive Officer, announced in a press conference last Thursday, plans to form a 50/50 joint venture between #
The new venture will build upon PIC’s feedstock position and commitment to global petrochemicals growth, KPC’s position as one of the world’s top-10 energy/hydrocarbons companies, and Dow’s technology and market leadership – including its number one position in polyethylene, ethyleneamines and ethanolamines.
Dow will also maintain its world-class security, environment, health and safety standards in the new venture. Customers, in turn, will benefit from an even stronger supplier having feedstock integration, global supply chain, advanced technologies, resources to grow with customer demand, and an ongoing commitment to the future of the petrochemical industry.
“Through this joint venture, KPC enters a new arena of specialty products based on leading global technologies,” said Saad Al-Shuwaib, CEO of Kuwait Petroleum Corporation.
“The JV will enable PIC to expand and diversify its international petrochemicals presence, while building on our long-standing relationship with Dow.
By selectively investing in downstream petrochemical businesses, we are maximizing the value of Kuwait’s hydrocarbons resources while diversifying our national economy and increasing job opportunities.”
Kuwait Petroleum Corporation
marketing@alchempro.com
