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In addition, the company is fully committed to implementing its huge petrochemical and performance products project at Ras Tanura with Saudi Aramco. The project, which is currently undergoing detailed feasibility and engineering studies, will commence construction in 2010.
"While we are indeed making a number of reductions in our cost structure as part of our transformational strategy, an equally important element of that strategy is our commitment that we will not cut spending at the expense of growth. We will continue to fund our growth projects such as those we've announced in Kuwait, Oman, Libya and Saudi Arabia. We will continue to fund R&D spending to drive innovation and we will continue to drive growth in our basic products by investing in projects in advantaged locations and creating joint ventures with strategic partners,"said Liveris.
Speaking about Dow's transformational strategy, Liveris commented, "We have spent the last several years working intensely on forming asset light joint ventures with key partners such as PIC/KPC, Oman Oil, Libya NOC, and Saudi Aramco, as well as pruning our current portfolio to create a leaner, higher growth, market centered group of businesses," continued Liveris. "Our Joint Venture/Asset Light model will allow us to combine our assets together with our partners for creating new opportunities for growth; combining the power of Dow's scale, expertise and integration with the strengths of our partners - forming world-class joint ventures that are vitally important to both Dow and our partner's future."
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Posted by Rana Mesbah
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