Business | Oil & Gas
Dow Chemical to pursue legal action against Kuwait
Dow Chemical Co said on Tuesday that it would pursue legal and other options to fulfill rights under its agreement with Petrochemical Industries Co of Kuwait.
- Agencies
- Published: 18:33 January 6, 2009
Mumbai: Dow Chemical Co said on Tuesday that it would pursue legal and other options to fulfill rights under its agreement with Petrochemical Industries Co of Kuwait.
Last month, Kuwait decided to scrap a deal to form a $17.4 billion petrochemical joint venture with Dow, potentially upsetting the largest US chemical company's plans to buy rival Rohm & Haas.
Dow had planned to use proceeds from the joint venture with Kuwait's state-run Petrochemical Industries to repay a large part of the debt financing for the $15.3 billion Rohm & Haas acquisition.
Dow said other parties had expressed interest about becoming involved in the basic plastics joint venture it was to form with the Kuwaiti company.
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