It is shocking to read in our daily newspapers about the noise people in Kuwait are making concerning the next president of EQUATE, which is a joint venture of Petrochemical Industries Company (PIC) and Dow Chemical.
It is an internal matter of the private company, so why are our MPs getting involved in the operation of this international joint company? It just does not make any sense. Their interference in picking the new president and questioning the nationality of the latter is not within the scope of their business or responsibilities.
EQUATE is an international joint venture. The board of this company knows best and is aware of what is needed particularly the qualifications of its future president.
Dow Chemical is an equal partner in this joint venture and has the full right to choose, express its opinion and nominate their preferred candidates in coordination with its Kuwaiti partner. At the present time, there perhaps is no qualified Kuwaiti national to take on such a role.
Our MPs should refrain from interfering in the internal affairs of international joint ventures and companies. In fact, we need to encourage foreign investors to come and invest in our country instead of being antagonistic with them.
As a matter of fact, Dow Chemical does not seem to be interested in our JV and is looking to sell their share in EQUATE. So, let us keep this fact in mind, as without any foreign partner, our industry will go down. Our petrochemical industry is lagging behind most of our neighbors. It does not have enough experience to move forward without the help of foreign partners.
Dow Chemical is the biggest petrochemical company in the word after it merged with DuPont to become No. 1 in the industry. Alas, Dow Chemical cannot invest further in Kuwait anymore, as it is operating jointly with Saudi Aramco based on their $20 billion deal.
Therefore, let us not interfere in the affairs of EQUATE. Let the company operate smoothly and continue to generate net profit of one billion dollars annually as well as train and develop our young Kuwaitis.
By Kamel Al-Harami – Independent Oil Analyst