KUWAIT

US petchems firm Dow is to reduce its exposure to Kuwait, a country where it has a checkered history. It will raise $3bn from reducing its stake in its key MEGlobal and Equate joint ventures, with state firm Petroleum Industries Company (PIC), a subsidiary of Kuwait Petroleum, becoming the majority partner.

In “Phase 1” of the deal, which Dow expects to complete by end-2015, Equate will pay $3.2bn for MEGlobal, a 50:50 JV between Dow and PIC. Dow and PIC will each...