Pestalozzi advises Dow Chemical on the joint venture with Petrochemicals Industries regarding Polyethylene products
Dow Chemical Company and Petrochemical Industries Company, a wholly owned subsidiary of Kuwait Petroleum Corporation, signed a joint venture formation agreement and other key definitive agreements regarding the formation of K-Dow Petrochemicals, a 50/50 joint venture that was going to be a global supplier of petrochemicals and plastics. The new company was to begin operations in 2009. Subsequently, however, the deal was cancelled by Petrochemical Industries Company due to opposition in Kuwait's parliament. Pestalozzi acted as Swiss counsel to Dow Chemical.