Idemitsu Kosan Co., Ltd. and Mitsui & Co., Ltd., of Tokyo, Japan decided to not move forward with their proposed joint venture to construct a Linear Alpha Olefins unit on the U.S. Gulf Coast. Accordingly, The Dow Chemical Company (NYSE: DOW) has terminated the initial arrangement among the three companies.
Dow's strategic growth investments on the U.S. Gulf Coast remain on track. The Company is evaluating several high-return, alternative uses for the ethylene that was included in this arrangement. Further, Dow will continue to access its existing supply network of Linear Alpha Olefins. Collectively, the Company's U.S. Gulf Coast projects are expected to contribute more than $2.5 billion in EBITDA once fully operational.
Source:
http://www.coatingsworld.com/contents/view_breaking-news/2014-05-09/dow-statement-on-termination-of-proposed-joint-venture-between-idemitsu-kosan-co-ltd-and-mitsui-/
