Dow and Aker Kvaerner Sign Cooperation Agreement for METEOR(TM) EO/EG Process Technology

Zoetermeer, The Netherlands and Midland, MI , USA (July 5, 2006) - Dow Technology Licensing and Aker Kvaerner today announced an agreement between Union Carbide Chemicals & Plastics Technology Corporation (UCCPTC), a subsidiary of The Dow Chemical Company, and Aker Kvaerner Netherlands BV to cooperate on delivering services to METEOR(TM) Ethylene Oxide /Ethylene Glycol (EO/EG) process technology licensees. The cooperation agreement will extend to helping potential licensees in the evaluation of METEOR EO/EG process technology and executing engineering, procurement and construction contracts for companies that sign licenses.

“METEOR EO/EG process technology is unique compared to other technologies, both because of the simplicity of its plant design and because of its EO catalyst, which provides the rare combination of high efficiency and activity. Aker Kvaerner has an excellent reputation as an engineering services provider and we are confident that, through this agreement, our customers and potential licensees will receive the highest levels of technical expertise, service and support,” said Dr. Molly Peifang Zhang, vice president of Dow Technology Licensing.

“We are extremely pleased to be working with Dow for this technology. METEOR EO/EG process technology has proven to be the most competitive EO/EG technology in the marketplace, and we are convinced that, together with Dow, we can provide the best business solutions to our clients. Our existing relationship with Dow for polypropylene technology continues to be highly successful, and we see this new agreement as a natural extension of our relationship,” said Wim van der Zande, president, AK Process.

“This is the first cooperative agreement Dow has signed with an engineering contractor for METEOR EO/EG process technology,” said Joseph Bromley, business director, Dow Licensing Technology, METEOR(TM) and LP OxoSM Technology. “This agreement is a continuation of a strong relationship Dow has had with Aker Kvaerner and we are excited about the opportunity to have an increasingly productive relationship well into the future.”

METEOR EO/EG process technology has a simpler design than other EO/EG technologies, resulting in significant savings for the company’s licensees. Compared with other plant technologies, METEOR EO/EG process technology reduces equipment requirements and overall plot plan size, dramatically improves raw material utilization and requires less start-up capital. The simplicity of the METEOR process provides optimal reliability and ease of operation and maintenance.

® (TM) SM* Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow.

About The Dow Chemical Company
Dow is a diversified chemical company that harnesses the power of science and technology to improve living daily. The Company offers a broad range of innovative products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $46 billion and employs 42,000 people worldwide. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com. Dow Technology Licensing is a business unit of Dow that markets technologies owned by The Dow Chemical Company, Union Carbide Corporation and their subsidiaries.

About AKER KVÆRNER ASA
AKER KVÆRNER ASA, through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.4 billion and employs approximately 21,000 people in more than 30 countries.

About AK Process
AK Process is a trading name of Aker Kvaerner Netherlands B.V., a wholly owned subsidiary of AKER KVAERNER ASA and the legal entity entering into the cooperation agreement. AK Process serves the chemicals and polymers, refining and onshore oil & gas industries. It provides the full life cycle of a project from concept studies, through to design, engineering, project management, delivery of process technologies, procurement, construction and maintenance services. As a pure project execution/EPC specialist, AK Process can provide customers with strategic ’one-off’ services or full turnkey solutions under a single project management control. It works with its customers in the development of major technological innovations, having participated in the conceptualization and implementation of ideas, which are the foundation for world-class production facilities.

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