As a part of the realigning business in the light of global economic recession, the proposed joint venture between Dow Chemical Co. and Oman may witness a down scaling of scope. The three parties involved in the Oman ethylene and polyethylene project are Dow Chemical Co. (50%), Oman Government (25%) and Oman Oil Co. (25%).
Dow Chemical, the largest US chemical maker is reportedly reassessing the project scope in order to trim cost and restructure business to tide over the imminent global recession. The company earlier announced taming workforce by 11,000, shut 20 facilities and provisionally discontinue operations at nearly 180 plants worldwide.
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