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Kuwait pays $2.2 billion to Dow Chemical

The country’s state-run chemical company backed out of a joint venture with Dow

Kuwait’s state-run chemical company will pay $2.2 billion to Dow Chemical Co., after it backed out of a planned joint plastics venture known as K-Dow.

Petrochemical Industries Co. (PIC), a unit of Kuwait Petroleum Corp., had agreed to the $17.4 billion petrochemical venture with Dow’s plastics unit, but the deal was not popular with members of the Kuwaiti parliament. The country later pulled out of the deal as the global economy stagnated in December 2008.

Alanna Byrne

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