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Home / Business / Kuwait’s Equate to buy ME Global from Dow, PIC for $3.2 bln
Kuwait’s Equate to buy ME Global from Dow, PIC for $3.2 bln

Kuwait’s Equate to buy ME Global from Dow, PIC for $3.2 bln


DUBAI Oct 22 Kuwait’s Boubyan Petrochemical Co
pronounced on Thursday a associate Equate had sealed a
$3.2 billion understanding to buy ME Global from Dow Chemical of
the United States and a auxiliary of state-run Kuwait Petroleum
Corp.

Under a non-binding agreement, about $200 million of the
total value would go towards profitable down loans and commitments
of ME Global, Boubyan pronounced in a matter to a Kuwaiti bourse.

ME Global is a 50-50 ethylene glycol producing corner venture
between Dow and Petrochemical Industries Co, a section of Kuwait
Petroleum. Boubyan owns 9 percent of Equate.

Once a understanding is finalised, Boubyan is not approaching to
provide any financing to or inject any supports into Equate, the
statement said.

Last November, Dow pronounced that as partial of a $7-8.5 billion
divestment plan, it would revoke a equity positions in all of
its Kuwaiti ventures in sequence to recover collateral for other
strategic purposes.

(Reporting by Hadeel Al Sayegh and Tom Arnold; Writing by Rania
El Gamal; Editing by Andrew Torchia)

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