Posted inProducts & Services

ME Global set to be taken over by Equate

Deal to buy firm from Dow and Kuwait Petroleum Corp to be worth $3.2bn

by Oil & Gas Staff

Kuwait’s Boubyan Petrochemical Co has revealed that its affiliate Equate had signed a $3.2bn deal to buy ME Global from Dow Chemical of the United States and a subsidiary of state-run Kuwait Petroleum Corp, Reuters reports. 

Under the non-binding agreement, about $200mn of the total value wil go towards paying down loans and commitments of ME Global, Boubyan told the Kuwaiti stock market.

ME Global is a 50-50 ethylene glycol producing joint venture between Dow and Petrochemical Industries Co, a unit of Kuwait Petroleum. Boubyan owns 9% of Equate, according to the news report. 

Once the deal is finalised, Boubyan is not expected to provide any financing to or inject any funds into Equate, the statement added.

 

Staff Writer

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