Kuwait cancels $17 billion deal with Dow Chemical (Reuters)

Kuwait's Oil Minister Mohammad al-Olaim (C), talks to the media about the status of the joint venture project between Kuwait Petroleum Company's subsidiary, Petroleum Industries Company (PIC) and US-based Dow Chemical for a petrochemical joint venture called KDOW, in Kuwait City on December 22,2008. (Stephanie McGehee/Reuters)Reuters – Kuwait decided on Sunday to scrap a deal to form a $17.4 billion petrochemical joint venture with U.S. company Dow Chemical .

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