TMCnet News
Kuwait scraps joint venture with Dow Chemical(Associated Press WorldStream Via Acquire Media NewsEdge) KUWAIT CITY_The official Kuwait News Agency says the country's highest oil authority has scrapped a $17.4 billion joint venture with U.S. giant Dow Chemical Co. KUNA says the Supreme Petroleum Council met Sunday and decided to "cancel the contract." It did not elaborate. But Kuwaiti lawmakers have criticized the venture, known as K-Dow, as a waste of public funds and have threatened to question the prime minister in parliament if the project was launched. Kuwait's oil minister has defended it as profitable and carefully studied by international consultants for more than two years. K-Dow was set to begin marketing plastics and other products Jan. 1. The country's stake in K-Dow is $7.5 billion. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |