News PhotosDec 28, 2008
Kuwait scraps joint venture with Dow Chemical
The official Kuwait News Agency says the country's highest oil authority has scrapped a $17.4 billion joint venture with U.S. giant Dow Chemical Co.
KUNA says the Supreme Petroleum Council met Sunday and decided to 'cancel the contract.' It did not elaborate.
But Kuwaiti lawmakers have criticized the venture, known as K-Dow, as a waste of public funds and have threatened to question the prime minister in parliament if the project was launched.
Kuwait's oil minister has defended it as profitable and carefully studied by international consultants for more than two years.
Read full story from The Associated Press
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