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Stakes in at least three of US Petchems giant Dow’s four Kuwait JVs are to be floated on the Kuwaiti stock exchange next year.
Kuwait’s state-owned Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation, this week said that part of Dow Chemical’s 42.5-50% stakes in three of its four joint ventures with the Kuwaiti state firm will be sold in an IPO targeted at Kuwaiti citizens.
This follows a 12 November announcement by Dow that it “will reconfigure and reduce its equity base in the MEGlobal and Greater EQUATE joint ventures, including Kuwait Olefins Company and Kuwait Styrene Company, through a divestment of a portion of the Company’s interests.”
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