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Kuwait’s Equate sings deal to acquire MEGlobal

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/10/2015 (16:36)
According to media reports, Kuwait’s Equate Petrochemical, a joint venture between Petrochemical Industries Company (PIC), the Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC), signed a non-binding agreement to acquire MEGlobal from Dow Chemical of the United States and Petrochemical Industries Company (PIC) of Kuwait.

According to a bourse statement by Boubyan Petrochemical Company, which holds a 9% stake in Equate, the estimated value of the acquisition was $3.2 billion, $200 million of which will be used to clear MEGlobal’s loans and financial commitments.

MEGlobal is a 50:50 joint venture between Dow Chemical of the United States and Petrochemical Industries Company (PIC) of Kuwait. It can produce 1 million tons/year of MEG at its three production plants located at Alberta, Canada.
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