Dec 11 2008 |
more articles from
|
Dow Accelerates Its Strategy in the Middle East
Dubai, United Arab Emirates - Andrew Liveris, Chairman and CEO of The Dow Chemical Company (Dow) , today emphasized the Company's commitment to the Middle East and its growing presence in the region. Over the last several years, Dow has implemented its asset light strategy and reinforced its commitment in Basic chemicals and plastics with several projects, such as the Olefins II project in Kuwait, the Sohar project in Oman, Ras Lanuf petrochemical JV in Libya, and the recently announced launch of K-Dow Petrochemicals with its partner, PIC of Kuwait. In addition, the company is fully committed to implementing its huge petrochemical and performance products project at Ras Tanura with Saudi Aramco . The project, which is currently undergoing detailed feasibility and engineering studies, will commence construction in 2010."While we are indeed making a number of reductions in our cost structure as part of our transformational strategy, an equally important element of that strategy is our commitment that we will not cut spending at the expense of growth," said Liveris. "We will continue to fund our growth projects such as those we've announced in Kuwait, Oman, Libya and Saudi Arabia. We will continue to fund R&D spending to drive innovation and we will continue to drive growth in our basic products by investing in projects in advantaged locations and creating joint ventures with strategic partners," added Liveris.
Speaking about Dow 's transformational strategy, Liveris commented, "We have spent the last several years working intensely on forming asset light joint ventures with key partners such as PIC/KPC, Oman Oil , Libya NOC , and Saudi Aramco , as well as pruning our current portfolio to create a leaner, higher growth, market centered group of businesses," continued Liveris. "Our Joint Venture/Asset Light model will allow us to combine our assets together with our partners for creating new opportunities for growth; combining the power of Dow 's scale, expertise and integration with the strengths of our partners - forming world-class joint ventures that are vitally important to both Dow and our partner's future."
- Ends -
Dow has eight current and proposed Middle East joint ventures in the UAE, Egypt, Kuwait, Libya and Saudi Arabia. From the opening of its first commercial office in Cairo in the early 1970's to its facility in Jebel Ali in Dubai and its 10-year partnership in Kuwait with EQUATE, Dow has established itself as a solid partner in the Middle East petrochemicals industry. Dow 's commitment to the Middle East has also been extended through support for community programs like the Lothan Youth Achievement Center (LoYAC) in Kuwait, Emirates Environmental Group in the UAE and is an active investor in the region's future, by supporting the Young Arab Leaders (YAL) across the region.
About
Dow
With annual sales of $54 billion and 46,000 employees worldwide,
Dow
is a diversified chemical company that combines the power of science and technology with the "Human Element " to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. References to "
Dow
" or the "Company" mean The
Dow
Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.
For further information, please contact:
Hani Wassim
Dow
Chemical India, Middle East & Africa (IMEA)
Tel.: +971 4 3123668
Email: HWassim@dow.com
Dow Chemical India, Middle East & Africa (IMEA)
Tel.:+971 4 3123635
Email: MMeghdessian@dow.com
Gaya Subramaniam / Gaurav Bhatnagar
GolinHarris
t +971.4.332.3308
Email: gsubramaniam@golinharris.com
Gaurav Bhatnagar
GolinHarris
t +971.4.332.3308
Email: gbhatnagar@golinharris.com
© Press Release 2008
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment