Type | Joint Venture |
---|---|
Industry | Petrochemical Manufacturing |
Headquarters | Michigan, United States |
Key people | Jim Fitterling, CEO |
Products | Polyethylene, Ethylenediamines, Ethanolamines, Polypropylene, and Polycarbonate |
K-Dow Petrochemicals was a planned $17.4 billion joint venture between The Dow Chemical Company and Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC). [1] A joint venture between the two companies was signed in July 2008. [2] However, critics to the deal from members of the Kuwaiti parliament [2] lead to its collapse in December 2008. [3] Dow sued PIC, and was awarded over $2 bn damages by a non-governmental court in 2012. [4]
K-Dow Petrochemicals was to be a multinational corporation specializing in the manufacturing of plastics. It was an $11 billion joint venture between The Dow Chemical Company and Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC). [5] On July 15, 2008, the two companies announced the location of their headquarters was to be in Southeast Michigan. [5] In the third quarter 2008 earnings conference call, Dow Chemical officials stated the K-Dow joint venture was on track to close by the end of the year. On December 1, 2008, the two companies announced that they had signed a memorandum of understanding outlining agreed-upon details about the joint venture. The transactions was expected to close on January 1, 2009. Operations were expected to begin on that same date. [1]
Citing the global recession that begin in the later half of 2008, the Kuwaiti government scuttled the partnership prior to its launch on December 28, 2008. [6]
Dow currently has arbitration pending against KPC. The original MOU had a damages clause that allowed for damaged up to $2.5 Billion. Dow Chemical has stated the damages they are seeking may be in excess of that amount.
As a part of the Joint-Venture formation two of Dow Chemical's current joint-ventures with Kuwait Petroleum Corporation were to be transferred to K-Dow.
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