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Kuwait replaces oil officials at KPC after $2.2 billion Dow payment

State-run Kuwait Petroleum Company (KPC) appointed a new chief executive and suspended other top officials after the country paid $2.2 billion in damages to Dow Chemical Co over a scrapped plastics joint venture.Nizar Mohammad al-Asani replaced Farouk Zanki as CEO at the oil firm and the cabinet approved the nomination of six board members, a statement on state news agency KUNA said. Newspaper al-Rai said that two of the board members were new.The government also suspended officials at KPC unit Petrochemical Industries Co. which pulled out of the $17.4 billion K-Dow petrochemical venture in December 2008, citing the deteriorating global economy. It did not give details.The chief executive of KPC holds a seat on Kuwait's Supreme Petroleum Council, which sets oil policy. Kuwaiti newspapers reported on Sunday that other KPC members of the council had been replaced, without giving details.K-Dow was a politically sensitive deal in major oil exporter Kuwait and came under scrutiny in parliam...

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  7. Dow Chemical Net Jumps 28% on Lower Expenses

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  8. Dow Chemical profit beats estimates as sales of farm products jump

    Dow Chemical Co's first-quarter earnings beat analysts' estimates, helped by higher demand for its seeds and crop-protection chemicals in the Americas.Sales at its a...

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    Dow Chemical Co.'s (DOW) first-quarter profit jumped 28% as margins widened and the chemical company controlled its expenses, while the year-earlier period was bogge...

  10. Dow Chemical Profit Beats Estimates

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  11. Dow Chemical First-quarter Profit Up, Sales Fall

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    Dow Chemical Co reported a 33 percent jump in quarterly profit, helped by higher sales of its seeds and crop-protection chemicals and lower raw material costs.Net in...

  1. Obama Admin OKs 2nd Nat Gas Export Hub

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  4. Judge orders Dow Chemical to pay $1.2 billion in price-fixing case

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