(MENAFN) Dow Chemical Company, the U.S. petrochemicals giant, announced it is not pulling out of Kuwait completely but that they are shifting their strategy despite the company announcing plans to reduce its equity positions in all of its Kuwaiti ventures, Gulf Business reported.
Earlier this month, Dow Chemical announced that as a part of a USD7-8.5 billion plan, it would reduce its equity positions in all of its Kuwaiti ventures, so the company could generate capital for other strategic purposes.
"Dow Chemical is moving from doing commodities just for commodities sake, moving more downstream and Kuwait is more about commodities, thus we are not pulling out of Kuwait," Dow Chemical Chief Executive said.
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