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."
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About Dow in the Middle East
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
Mira Meghdessian
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
