Dow, Kuwait Oil Company, Form Joint Venture

New York, NY, December 13, 2007--Dow Chemical Co. and Kuwait Petroleum Co's Petrochemical Industries Co. will form a joint venture, giving Dow access to Kuwait's crude oil supplies.

The new entity would reportedly have $11 billion in sales and manufacture polyethylene, ethylenamines, ethanolamines, polypropylene and polycarbonate.

Dow will receive about $9.5 billion from Kuwait Petroleum for putting five of its global businesses worth about $19 billion into the joint venture.

The joint venture will be based in the United States and employ more than than 5,000 people worldwide.