FACTBOX: Kuwait scraps $17.4 bln Dow Chemical joint venture

(Reuters) - Kuwait decided on Sunday to cancel a deal to form a $17.4 billion petrochemical joint venture with U.S. company Dow Chemical, the state news agency KUNA said.

Here are five facts about the deal.

* Dow Chemicals and Kuwait Petroleum Corp (KPC) announced a $19-billion joint venture in December 2007. KPC's Petrochemical Industries Co (PIC) agreed to pay Dow $9.5 billion to contribute five of the U.S. company's units to the 50-50 joint venture.

* The deal had angered some Kuwaiti parliamentarians who said the project was not economically viable due to the global financial crisis and slumping petrochemical sales. Four liberal MPs had threatened to question the prime minister over the deal. Moves to question ministers have in the past led to resignations by cabinet members.

* The value of the deal was lowered by 8 percent this month to about $17.4 billion in light of the global financial crisis.

* Dow unveiled plans to acquire its rival Rohm & Haas for $15.3 billion in July, and had planned to use the proceeds from the joint venture to repay a large part of the $13 billion in debt it will take on once that deal closes in early 2009.

* The joint venture was to manufacture and market polyethylene, ethyleneamines, ethanolamines, polypropylene and polycarbonate. The two companies had expected it to have proforma revenue of more than $11 billion and employ more than 5,000 people worldwide.

(Editing by Maureen Bavdek)