Kuwait Oil Minister Says Dow Chemical Deal a Good One

Accuses lawmakers of "politisizing the issue". At least ours are not the only ones doing it

Kuwait's oil minister is defending the government's $17.4 billion joint venture with Dow Chemical Co. (NYSE:DOW)from criticism that it is costing too much. Lawmakers are demanding the government scrap the venture, known as K-Dow, which is set to begin marketing plastics and other products Jan. 1.

Oil Minister Mohammed al-Eleim said Monday it took more than two years to reach the agreement and that it was carefully studied by international consultants and is not a waste of public money. He accused lawmakers of politicizing the issue.

Several legislators have threatened to question the prime minister in parliament if he does not abandon the project. Kuwait's share of the project is $7.5 billion. Some lawmakers say that's too expensive.

Dow chemical is using the proceeds of the sale and $3 billion from Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) to finance its purchase of Rohm and Hass (NYSE:ROH)