EX-21 6 a2176176zex-21.htm EX-21
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EXHIBIT 21

Subsidiaries of The Dow Chemical Company
At December 31, 2006

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
The Dow Chemical Company   Delaware    
  Arabian Chemical Company (Latex) Ltd. (1)   Saudi Arabia   50
  Arabian Chemical Company (Polystyrene) Limited (1)   Saudi Arabia   50
  Arakawa Europe GmbH   Germany   60
  AVC Holdings Inc. (36)   Delaware   63
  Buildscape, LLC   Delaware   100
  CanStates Holdings, Inc.   Oklahoma   100
    ANGUS Chemical Company   Delaware   100
  CD Polymers Inc.   Delaware   100
  Centen Ag Inc.   Delaware   100
    Dow AgroSciences LLC (9)   Delaware   39
    Mycogen Corporation (16)   California   12
  Chemars Inc.   Delaware   100
  Chemars III LLC   Delaware   100
  DC Partnership Management Inc.   Delaware   100
    DowBrands L.P. (6)   Delaware   42
  DCOMCO, Inc.   Delaware   100
  Denmerco Inc.   Delaware   100
  DW Dexco Investment LLC   Delaware   100
    Dexco Polymers L.P. (1) (24)   Texas   49
  Dexco Polymers Operating Company LLC (1)   Texas   50
    Dexco Polymers L.P. (1) (24)   Texas   1
  Diamond Capital Management Inc.   Delaware   100
  DML Holding Inc. (41)   Delaware   89
  DMM Financial LLC   Delaware   100
    MTD Pipeline LLC (1)   Delaware   50
  Dofinco, Inc.   Delaware   100
  Dow Chemical (Australia) Limited   Australia   100
    Dow Australia Superannuation Fund A Pty Limited   Australia   100
    Polystyrene Australia Pty Ltd (1)   Australia   50
  Dow Chemical (China) Investment Company Limited   China   100
    Dow Chemical (China) Company Limited   China   100
    Dow Chemical (Shanghai) Company Limited   China   100
    Dow Chemical (Zhangjiagang) Company Limited (13)   China   10
    Dow S/B Latex (Zhangjiagang) Co. Ltd. (12)   China   61
    Guangdong Zhongshan Amerchol Specialty Chemicals   China   90
    SAL Petrochemical (Zhangjiagang) Company Limited (1) (15)   China   10
  Dow Chemical Delaware Corp.   Delaware   100
    Chemtech II L.P. (8)   Delaware   72
      Chemtech Portfolio Inc. (11)   Texas   33
      Chemtech Portfolio II Inc.   Michigan   100
  Dow Chemical (Hong Kong) Limited   Hong Kong   100
  Dow Chemical International Ltd.   Delaware   100
    Dow Chemical Thailand Ltd.   Thailand   100
    Dow International Holdings General Partnership (25)   Bermuda   1
    Hobbes Capital S.A. (23)   Luxembourg   48
    Petroquimica-Dow S.A. (Petrodow)   Chile   100
  Dow Chemical Korea Limited (45)   Korea   86
  Dow Chemical (NZ) Limited   New Zealand   100
  Dow Chemical Pacific Limited   Hong Kong   100
  Dow Chemical Pacific (Singapore) Private Limited   Singapore   100
    Dow Chemical (Guangzhou) Company Limited   China   100

225

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
    Dow Chemical International Pvt. Ltd. (35)   India   99
    Dow Chemical (Malaysia) Sdn. Bhd.   Malaysia   100
    Dow Financial Holdings Singapore Pte Ltd.   Singapore   100
      Dow Chemical (Zhangjiagang) Company Limited (13)   China   90
      Dow S/B Latex (Zhangjiagang) Co. Ltd. (12)   China   39
      SAL Petrochemical (Zhangjiagang) Company Limited (1) (15)   China   40
    G.Z. Holdings Pte. Ltd.   Singapore   100
    PT Dow Chemical Indonesia (18)   Indonesia   15
    S.H.A. Holdings Pte. Ltd.   Singapore   100
  Dow Chemical (Singapore) Private Limited   Singapore   100
    Dow Chemical International Pvt. Ltd. (35)   India   1
  Dow Chemical Taiwan Limited   Taiwan   100
  Dow Chemical Telecommunications Corp.   Delaware   100
  Dow Credit Corporation   Delaware   100
  Dow Customs & Trade Inc.   Delaware   100
  Dow Deutschland Inc.   Delaware/Germany   100
    Dow Chemical Inter-American Limited   Delaware   100
      Dow Quimica de Colombia S.A. (5)   Colombia   10
  Dow Deutschland Management Inc.   Delaware   100
  Dow Engineering Company   Delaware   100
    Dow Engineering, Inc.   Michigan   100
  Dow Environmental Inc.   Delaware   100
  Dow Financial Holdings Inc.   Delaware   100
    Dow Holdings Inc.   Delaware   100
      Dow Corning Corporation (1)   Michigan   50
      Dow Hydrocarbons and Resources Inc.   Delaware   100
        Cayuse Pipeline, Inc.   Texas   100
        Dow Intrastate Gas Company   Louisiana   100
        Dow Pipeline Company   Texas   100
        K/D/S Promix, LLC (1)   Texas   50
        Midland Pipeline Corp.   Delaware   100
          Fort Saskatchewan Ethylene Storage Corporation (1)   Canada   50
            Fort Saskatchewan Ethylene Storage Limited Partnership (1) (14)   Canada   1
    DowBrands L.P. (6)   Delaware   58
  Dow Financial Services Inc.   Delaware   100
  Dow Global Technologies Inc.   Delaware   100
    Chemtech Portfolio Inc. (11)   Texas   67
    AVC Holdings Inc. (36)   Delaware   37
  Dow Internacional Mexicana S.A. de C.V.   Mexico   100
  Dow International B.V.   Netherlands   100
  Dow International Financial Services   Ireland   100
    Dow Capital Public Limited Company   Ireland   100
  Dow International Holdings Company (29)   Delaware   82
    Dow International Holdings S.A.   Switzerland   100
      Dow International Holdings General Partnership (25)   Bermuda   99
        Dow Europe Holding B.V.   Netherlands   100
          BASF DOW HPPO B.V. (1)   Netherlands   50
          BASF DOW HPPO Technology B.V. (1)   Netherlands   50
          Control Securities Finance (Consecfin) B.V.   Netherlands   100
          Domaluna B.V.   Netherlands   100
          Dow Austria Gesellschaft m.b.H   Austria   100
          Dow Belgium B.V.B.A   Belgium   100

226

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
          Dow Benelux B.V.   Netherlands   100
            Dow Netwerk B.V.   Netherlands   100
            Emergo Finance C.V. (1)   Netherlands   50
            Inkoopcombinatie ELSTA V.O.F. (1)   Netherlands   50
            Polyol Belgium B.V.B.A. (10)   Belgium   99
            Rofan Automation and Information Systems B.V.   Netherlands   100
            Terneuzen Partnership Services B.V.   Netherlands   100
              Valuepark Terneuzen C.V. (1) (34)   Netherlands   49
            Valuepark Terneuzen Beheer B.V. (1)   Netherlands   50
              Valuepark Terneuzen C.V. (1) (34)   Netherlands   1
          Dow Chemical Company Limited   United Kingdom   100
            Dow Automotive (UK) Limited   United Kingdom   100
            Cromarty Petroleum Company Limited (1)   United Kingdom   50
          Dow Chemical Iberica S.L.   Spain   99
              Terminal de Atraque de Productos Petroquimicos AIE (1)   Spain   50
              Transformadora de Etileno A.I.E. (1)   Spain   50
          Dow Chemical Korea Limited (45)   Korea   14
          Dow Chemical OOO   Russia   100
          Dow Chemical Romania S.R.L.   Romania   100
          Dow Europe GmbH   Switzerland   100
            Advanced Design Concepts GmbH (1)   Germany   50
            Dolpa S.a.r.l.   Luxembourg   100
            Dow Automotive South Africa (Pty) Ltd.   South Africa   100
            Dow Contract Services FZE   Dubai   100
            Dow Europe Finance I B.V.   Netherlands   100
            Dow Export GmbH   Switzerland   100
            Dow Mideast Systems S.A.E. (JSC) (2)   Egypt   1
          Dow France S.A.S.   France   100
          Dow Hellas A.E.   Greece   100
          Dow Hungary Kft. (31)   Hungary   99
          Dow InterBranch B.V.   Netherlands   100
            Dow Danmark A/S   Denmark   100
            Dow Hungary Kft. (31)   Hungary   1
            Dow Mideast Systems S.A.E. (JSC) (2)   Egypt   1
            Dow Norge A/S   Norway   100
            Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti (3)   Turkey   1
            Dow Zwijndrecht B.V.B.A. (26)   Belgium   1
            MTP HPPO Manufacturing Company Limited   Thailand   100
          Dow Italia s.r.l.   Italy   100
            Dow AgroSciences Italia s.r.l.   Italy   100
            Dow Italia Divisione Commerciale s.r.l   Italy   100
          Dow Mideast Systems S.A.E. (JSC) (2)   Egypt   98
          Dow Olefinverbund GmbH   Germany   100
            ANGUS Chemie GmbH   Germany   100
              Dow Deutschland GmbH & Co OHG (40)   Germany   30
            Dow Pipeline Gesellschaft mbH & Co. KG   Germany   80
            Dow Pipeline Verwaltungsgesellschaft mbH   Germany   80
            Dow AgroSciences GmbH   Germany   100
            Dow Automotive (Deutschland) GmbH   Germany   100
              Dow Deutschland GmbH & Co OHG (40)   Germany   35
            Dow Deutschland Anlagengesellschaft mbH   Germany   100
            SAFECHEM Europe GmbH   Germany   100

227

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
              Dow Deutschland GmbH & Co OHG (40)   Germany   35
          Dow Polska Sp.z.o.o.   Poland   100
          Dow Portugal—Produtos Quimicos, Unipessoal, Lda.   Portugal   100
          Dow Southern Africa (Pty) Ltd   South Africa   100
          Dow Suomi OY   Finland   100
          Dow Sverige AB   Sweden   100
          Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti (3)   Turkey   99
          Dow Zwijndrecht B.V.B.A. (26)   Belgium   99
          Dow (Wilton) Limited   United Kingdom   100
          Ginger B.V. (1)   Netherlands   50
          Haltermann B.V.B.A.   Belgium   100
          HPPO Holding & Finance C.V. (1)   Netherlands   50
          MEGlobal B.V. (1)   Netherlands   50
          Oman Petrochemical Industries Company LLC (1)   Oman   50
          Polyol Belgium B.V.B.A. (10)   Belgium   1
          RUS Polyurethanes Holding B.V.   The Netherlands   58
            Dow Izolan OOO   Russia   100
  Dow International Technology Corporation   Delaware   100
  Dow Investment Argentina S.A. (37)   Argentina   97
    PBBPolisur S.A. (39)   Argentina   72
  Dow Kakoh Kabushiki Kaisha   Japan   65
  Dow Pacific Holdings B.V.   Netherlands   100
  Dow Quimica Argentina S.A. (27)   Argentina   87
  Dow Quimica Chilena S.A. (28)   Chile   89
  Dow Quimica de Colombia S.A. (5)   Colombia   90
  Dow Quimica Latin America S.A.   Uruguay   100
  Dow Quimica Mexicana S.A. de C.V. (21)   Mexico   85
  Dow South Africa Holdings (Pty.) Ltd.   South Africa   100
    Sentrachem Limited   South Africa   100
      Chrome International South Africa (Pty) Limited (1)   South Africa   50
      Cisvaal (Proprietary) Limited   South Africa   100
      Minchem International Inc.   South Africa   100
      South African Polymer Holdings (PTY) Ltd.   South Africa   100
  Dow Trading S.A.   Switzerland   100
  Dow Trent Limited   United Kingdom   100
    Dow UK Limited   United Kingdom   100
      Haltermann Limited   United Kingdom   100
        Ascot Holdings Limited   United Kingdom   100
        Ascot International Management Limited   United Kingdom   100
          Ascot Limited   United Kingdom   100
        Ascot Investments Limited   United Kingdom   100
          Ascot Chemicals Limited   United Kingdom   100
            Mitchell Cotts Chemicals Limited   United Kingdom   100
            Suter Ash Limited   United Kingdom   100
        Ascot Management Services Limited   United Kingdom   100
          Haltermann Pension Trustees Limited   United Kingdom   100
        Ascot Real Estate Limited   United Kingdom   100
        Chirotech Technology Limited   United Kingdom   100
        Lynshield Limited (1)   United Kingdom   50
        Suter Limited   United Kingdom   100
          Ascot Commercial Limited (In liquidation)   United Kingdom   100
          Ascot Overseas Ltd.   United Kingdom   100

228

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
  Dow Venezuela, C.A. (7)   Venezuela   36
  DowBrands Inc. (17)   Delaware   79
  DSL Holdings Inc.   Delaware   100
    Dow Reichhold Specialty Latex LLC (1)   Delaware   50
  Equipolymers B.V. (1)   Netherlands   50
  Essex Chemical Corporation   New Jersey   100
  Essex Specialty Products LLC   New Jersey   100
    American Mortell Corporation   Texas   100
      Mortell Company   Delaware   100
    Anabond Essex India Private Limited (1)   India   50
    Dow International Holdings Company (29)   Delaware   11
    Dow Investment Argentina S.A. (37)   Argentina   3
    Essex de Hermosillo, S.A. DE C.V.   Mexico   100
    Wuhan Essex Chemical Co., Ltd.   China   100
  FilmTec Corporation   Delaware   100
    OMEX Overseas Holdings Inc.   Virgin Islands   100
      Zhejiang OMEX Environmental Engineering Co., Ltd.   China   100
  Flexible Products Company   Georgia   100
    Flexible Products Company of Canada, Inc   Canada   100
  Forbanco Inc.   Delaware   100
  GBRP, L.L.C.   Louisiana   94
  General Latex and Chemical Corporation   Massachusetts   100
    General Latex Canada Inc.   Canada   100
  Great Western Pipeline Company, Inc.   California   100
  GWN Holding, Inc. (42)   Delaware   89
    Dow Canada Holding LP   Canada   100
      Dow Canada Holding B.V.   Netherlands   100
        Dow Chemical Canada Inc.   Canada   100
          Dow Chemical Finance Canada Inc.   Canada   100
            Modeland International Holdings Inc. (30)   Barbados   59
              Dow Brasil S.A.   Brazil   100
                Branco Dow Compostos de Engenharia S.A.   Brazil   100
                Cambricos de Uruguay S.A.   Uruguay   100
                Companhia Alcoolquimica Nacional   Brazil   95
                Dopec Industria E Comercio Ltda.   Brazil   100
                Dow Especialidades Quimicas Ltda.   Brazil   100
                Dow Brasil Nordeste Industrial Ltda.   Brazil   100
                Dow Brasil Sudeste Industrial Ltda.   Brazil   100
                Keytil Sociedad Anonima   Uruguay   100
          Essex Specialty Products, Inc., Canada   Canada   100
          Fort Saskatchewan Ethylene Storage Limited Partnership (1) (14)   Canada   49
          H-D Tech Inc. (1)   Canada   50
          MEGlobal Canada Inc (1)   Canada   50
          Petromont and Company, Limited Partnership (1)   Canada   50
          Petromont Inc. (1)   Canada   50
  Ifco Inc.   Delaware   100
    Chemtech II L.P. (8)   Delaware   5
  Ion Holdings LLC (20)   Delaware   60
    Ion Investments S.a.r.l.   Luxembourg   100
      Tornado Finance V.O.F.   Netherlands   60
  Intarsia Corporation   Delaware   99
  iVenturi, Inc.   Delaware   54

229

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
  Joliet Marine Terminal Trust Estate (1)   Illinois   50
  Liana Limited   Delaware   100
    Dorinco Insurance (Ireland) Limited   Ireland   100
    Dorinco Reinsurance Company   Michigan   100
    Dorintal Reinsurance Limited   Bermuda   100
    Timber Insurance Limited   Bermuda   100
  LG Dow Polycarbonate Limited (1)   Korea   50
  PBBPolisur S.A. (39)   Argentina   28
  PT Dow Chemical Indonesia (18)   Indonesia   85
  Productos Quimicos Peruanos S.A. (32)   Peru   91
  Proresin Inc.   Delaware   100
    Haltermann Incorporated   Texas   100
      Johann Haltermann Ltd. (33)   Texas   1
    Johann Haltermann Ltd. (33)   Texas   99
  Raven Group Ltd.   Delaware   100
  RavenWorks Ltd.   Delaware   100
  Rofan Services Inc.   Delaware   100
    Dow AgroSciences LLC (9)   Delaware   10
    Ion Holdings LLC (20)   Delaware   40
    Mycogen Corporation (16)   California   88
      Dow AgroSciences LLC (9)   Delaware   51
        Alsan Research (1)   Iowa   50
        Bayer DAS (Private) Limited (1)   Pakistan   50
        DERe Insurance Company   Vermont   100
        Dintec Agrichemicals LLC (1)   Delaware   50
        Dow AgroSciences Agricultural Products Limited   Mauritius   100
          Dow AgroSciences India Pvt. Ltd. (38)   India   99
        Dow AgroSciences B.V.   Netherlands   100
          Ambito DAS S.A. (1)   Argentina   50
          ChacoDAS S.A. (1)   Argentina   50
          DASER AGRO S.A. (1)   Argentina   50
          Desab S.A. (1)   Argentina   50
          Dintec Agroquimica Produtos Quimicos, Lda.   Portugal   66
          Distribuidora de Agroquimicos del Sureste de la Republica S.A. de C.V. (1)   Mexico   50
          Dow AgroSciences A.S.   Turkey   100
          Dow AgroSciences Argentina S.A. (22)   Argentina   89
            Dow AgroSciences Bolivia S.A. (43)   Bolivia   1
            Dow AgroSciences Paraguay S.A. (44)   Paraguay   1
            Corporacion de Inversiones Frutihorticolas S.A.   Argentina   100
          Dow AgroSciences Asia Sdn. Bhd.   Malaysia   100
          Dow AgroSciences Australia Limited   Australia   100
          Dow AgroSciences Bolivia S.A. (43)   Bolivia   98
          Dow AgroSciences Canada Inc.   Canada   100
          Dow AgroSciences Chile S.A.   Chile   100
          Dow AgroSciences Costa Rica S.A.   Costa Rica   100
          Dow AgroSciences Danmark A/S   Denmark   100
          Dow AgroSciences de Colombia S.A.   Colombia   100
          Dow AgroSciences de Mexico S.A. de C.V.   Mexico   100
          Dow AgroSciences Export S.A.S.   France   100
          Dow AgroSciences Guatemala S.A.   Guatemala   100
          Dow AgroSciences Iberica S.A.   Spain   100
          Dow AgroSciences Industrial Ltda.   Brazil   100

230

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
          Dow AgroSciences Limited   United Kingdom   100
          Dow AgroSciences (NZ) Limited   New Zealand   100
          Dow AgroSciences Pacific Limited   Hong Kong   100
          Dow AgroSciences Paraguay S.A. (44)   Paraguay   99
            Dow AgroSciences Bolivia S.A. (43)   Bolivia   1
          Dow AgroSciences Polska Sp z.o.o.   Poland   100
            Dow AgroSciences Hungary KFT (19)   Hungary   1
          Dow AgroSciences S.A.S.   France   100
            Dow AgroSciences Distribution S.A.S.   France   100
          Dow AgroSciences (Malaysia) Sdn Bhd   Malaysia   100
          Dow AgroSciences s.r.o.   Czech Republic   100
          Dow AgroSciences Sverige A/B   Sweden   100
          Dow AgroSciences Taiwan Ltd.   Taiwan   100
          Dow AgroSciences Technology GmbH   Switzerland   100
            Dow AgroSciences Switzerland S.A.   Switzerland   100
              Dow AgroSciences Hungary KFT (19)   Hungary   99
              Pytech Chemicals GmbH (1)   Switzerland   50
          Dow AgroSciences Uruguay S.A.   Uruguay   100
          Dow AgroSciences Vertriebsgesellschaft mbH   Austria   100
          Dow Chemical Japan Limited   Japan   100
          Dow Venezuela, C.A. (7)   Venezuela   54
          Fedea S.A. (1)   Argentina   50
          I.C.R.—Intermedi Chimici Ravenna s.r.l. (1)   Italy   50
          JV Agro S.A. (1)   Argentina   50
          P.T. Dow AgroSciences Indonesia   Indonesia   95
          Pentec—Produtos Quimicos, Lda. (1)   Portugal   50
          Rindes y Cultivos—DAS S.A. (1)   Argentina   50
          Terramar JV S.A. (1)   Argentina   50
          Ubajay—DAS S.A. (1)   Argentina   50
        Dow AgroSciences Barbados Limited   Barbados   100
        Dow AgroSciences China Ltd.   Delaware   100
        Dow AgroSciences International Ltd.   Delaware   100
          Dow AgroSciences (Thailand) Limited   Thailand   100
        Dow AgroSciences Southern Africa (Proprietary) Limited   South Africa   100
          Sanachem (Zimbabwe) (Pvt) Ltd.   Zimbabwe   100
        DowBrands Inc. (17)   Delaware   21
        DAS Agricultural Investment Holding Company Ltd.   Mauritius   100
          Dow AgroSciences India Pvt. Ltd. (38)   India   1
          Nantong DAS Chemical Co., Ltd.   China   82
      Mycogen Crop Protection, Inc.   California   100
        Mycogen Far East Asia Corporation   California   100
        Mycogen S.A. de C.V. (4)   Mexico   99
        Parasitix Corporation   California   100
      Mycogen Plant Science, Inc.   Delaware   100
        Agrigenetics, Inc.   Delaware   100
          Agrigenetics Molokai LLC   Hawaii   100
          Dow AgroSciences Argentina S.A. (22)   Argentina   11
          Mycogen Seeds-Puerto Rico Corporation   Delaware   100
          Mycogen S.A. de C.V. (4)   Mexico   1
      Mycosub/BA, Inc.   Delaware   100
      Mycosub/BH, Inc.   Delaware   100
      Phytogen Seed Company, LLC   Delaware   54

231

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
    Wenben Inc.   Delaware   100
  Sentrachem US, Inc.   Delaware   100
    Hampshire Holdings, Inc.   Delaware   100
      Hampshire Chemical Corp.   Delaware   100
  Styron Asia Limited   Hong Kong   100
    Styron Asia (Malaysia) Sdn Bhd (1)   Malaysia   50
  Sumitomo Dow Limited. (1)   Japan   50
  TCM Technologies Inc.   Delaware   100
  Texas LNG Holdings LLC   Delaware   100
  Union Carbide Corporation   New York   100
    Amerchol Corporation   Delaware   100
    Benefit Capital Management Corporation   Delaware   100
    Calidria Corporation   Delaware   100
    Carbide Chemical (Thailand) Limited   Thailand   100
      Excellent Quality (Thailand) Company Limited   Thailand   100
    Catalysts, Adsorbents & Process Systems, Inc.   Maryland   100
    Chemicals Marine Fleet, Inc.   Delaware   100
    DML Holding Inc. (41)   Delaware   11
    Dow International Holdings Company (29)   Delaware   7
    Dow Quimica Argentina S.A. (27)   Argentina   12
    Dow Quimica Mexicana S.A. de C.V. (21)   Mexico   15
    Dow Venezuela, C.A. (7)   Venezuela   10
    EQUATE Marketing Company E.C. (1)   Bahrain   50
    Global Industrial Corporation   New York   100
    GWN Holding, Inc. (42)   Delaware   11
    Industrias Carlisil, S.A.   Mexico   100
    KTI Chemicals, Inc.   Delaware   100
    Modeland International Holdings Inc. (30)   Barbados   41
    Nippon Unicar Company Limited (1)   Japan   50
    Optimal Chemicals (Malaysia) Sdn. Bhd. (1)   Malaysia   50
    P.T. Union Carbide Indonesia   Indonesia   100
    Seadrift Pipeline Corporation   Delaware   100
    Servicios de Quimicos Agricolas, S. A.   Mexico   100
    South Charleston Sewage Treatment Company   West Virginia   100
    UCAR Emulsion Systems International, Inc.   Delaware   100
      UCAR Emulsion Systems FZE   Dubai   100
    UCAR Interam Inc.   Delaware   100
    UCAR Louisiana Pipeline Company   Delaware   100
    UCAR Pipeline Incorporated   Delaware   100
    UCMG LLC   Delaware   100
      Optimal Glycols (Malaysia) Sdn. Bhd. (1)   Malaysia   50
    UC Finco Inc.   Delaware   100
    Umetco Minerals Corporation   Delaware   100
      Australia and New Zealand Exploration Company   Delaware   100
      Blue Creek Coal Company, Inc.   Delaware   100
      Predate Properties (Pty) Ltd.   South Africa   100
      Umetco Minerals Exploration Corporation   Delaware   100
    Union Carbide Asia Limited   Hong Kong   100
      Shanghai Petrochemical Union Carbide Emulsion Systems Co, Ltd.   China   100
      Union Carbide (Guangdong Zhongshan) Company Limited   China   75
    Union Carbide Asia Pacific, Inc.   Delaware   100
    Union Carbide Caribe LLC   Delaware   100

232

 
   Location*
   % Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
    Union Carbide Chemicals & Plastics Technology Corporation   Delaware   100
    Union Carbide Comercial Nicaragua, S.A.   Nicaragua   100
    Union Carbide Customer Services Pte. Ltd.   Singapore   100
    Union Carbide Ethylene Oxide/Glycol Company   Delaware   100
    Union Carbide Finance Corporation   Delaware   100
    Union Carbide Inter-America, Inc. (Delaware)   Delaware   100
      Dow Quimica Chilena S.A. (28)   Chile   10
      Productos Quimicos Peruanos S.A. (32)   Peru   9
    Union Carbide Middle East Limited   Delaware   100
    Union Carbide Pakistan (Private) Limited   Pakistan   60
    Union Carbide Pan America, Inc.   Delaware   100
      Dow Quimica Argentina S.A. (27)   Argentina   1
      Dow Quimica Chilena S.A. (28)   Chile   1
    Union Carbide Philippines (Far East), Inc.   Philippines   100
    Union Carbide Polyolefins Development Company, Inc.   Delaware   100
    Union Carbide South Africa (Proprietary) Limited   South Africa   100
    Union Carbide Subsidiary C, Inc   Delaware   100
      Univation Technologies, LLC (1)   Delaware   50
    Union Carbide Subsidiary Q Inc.   Delaware   100
    Union Carbide Wire & Cable Company, Inc.   Delaware   100
    Union Polymers Sdn. Bhd.   Malaysia   60
    UNISON Transformer Services, Inc.   Delaware   100
    Westbridge Insurance Ltd.   Bermuda   100
  Warbler I LLC   Delaware   100
  Yokkaichi MDI Limited (1)   Japan   50
  Zhejiang Pacific Chemical Corporation   China   100

*Location of incorporation or organization. Primary location of organization is reported for partnerships.

233

(1)
These companies are 50%-owned, nonconsolidated affiliates of The Dow Chemical Company and are accounted for on the equity basis. Separate financial statements for these companies are not included in this Form 10-K. These companies are not controlled, directly or indirectly, by The Dow Chemical Company. Subsidiaries of these companies, if any, are not listed in this Exhibit 21.

(2)
The Dow Chemical Company effective ownership of Dow Mideast Systems S.A.E. (JSC) is 100% of which Dow Europe Holding B.V. owns 99.95%, Dow Europe GmbH owns 0.025% and Dow InterBranch B.V. owns 0.025%.

(3)
The Dow Chemical Company effective ownership of Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti is 100% of which Dow Europe Holding B.V. owns 99.87% and Dow InterBranch B.V. owns 0.13%.

(4)
The Dow Chemical Company effective ownership of Mycogen S.A. de C.V. is 100% of which Mycogen Crop Protection, Inc. owns 99% and Agrigenetics, Inc. owns 1%.

(5)
The Dow Chemical Company effective ownership of Dow Quimica de Colombia S.A. is 100% of which The Dow Chemical Company owns 90% and Dow Chemical Inter-American Limited owns 10%.

(6)
The Dow Chemical Company effective ownership of DowBrands L.P. is 100% of which Dow Financial Holdings Inc. owns 58% and DC Partnership Management Inc. owns 42%.

(7)
The Dow Chemical Company effective ownership of Dow Venezuela, C.A. is 100% of which The Dow Chemical Company owns 36.06%, Dow AgroSciences B. V. owns 53.84% and Union Carbide Corporation owns 10.1%.

(8)
The Dow Chemical Company effective ownership of Chemtech II L.P. is 77.61% of which Dow Chemical Delaware Corp. owns 72.46% and Ifco Inc. owns 5.15%.

(9)
The Dow Chemical Company effective ownership of Dow AgroSciences LLC is 100% of which Rofan Services Inc. owns 10.09%, Centen Ag Inc. owns 38.91% and Mycogen Corporation owns 51%.

(10)
The Dow Chemical Company effective ownership of Polyol Belgium B.V.B.A. is 100% of which Dow Benelux B.V. owns 99.5% and Dow Europe Holding B.V. owns 0.5%.

(11)
The Dow Chemical Company effective ownership of Chemtech Portfolio Inc. is 92.57% of which Dow Global Technologies Inc. owns 66.82% and Chemtech II L.P. owns 33.18% (The Dow Chemical Company effectively owns 77.61% of Chemtech II L.P.: see note 8 above).

(12)
The Dow Chemical Company effective ownership of Dow S/B Latex (Zhangjiagang) Co. Ltd. is 100% of which Dow Chemical (China) Investment Company Limited owns 61.16% and Dow Financial Holdings Singapore Pte Ltd. owns 38.84%.

(13)
The Dow Chemical Company effective ownership of Dow Chemical (Zhangjiagang) Company Limited is 100% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.

(14)
The Dow Chemical Company effective ownership of Fort Saskatchewan Ethylene Storage Limited Partnership is 50% of which Dow Chemical Canada Inc. owns 49.9% and Fort Saskatchewan Ethylene Storage Corporation owns 0.2%. (Midland Pipeline Corp. owns 50% of Fort Saskatchewan Ethylene Storage Corporation.)

(15)
The Dow Chemical Company effective ownership of SAL Petrochemical (Zhangjiagang) Company Limited is 50% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 40%.

(16)
The Dow Chemical Company effective ownership of Mycogen Corporation is 100% of which Centen Ag Inc. owns 11.89% and Rofan Services Inc. owns 88.11%.

(17)
The Dow Chemical Company effective ownership of DowBrands Inc. is 100% of which Dow AgroSciences LLC owns 21% and The Dow Chemical Company owns 79%.

(18)
The Dow Chemical Company effective ownership of PT Dow Chemical Indonesia is 100% of which The Dow Chemical Company owns 84.5991% and Dow Chemical Pacific (Singapore) Private Limited owns 15.4009%.

(19)
The Dow Chemical Company effective ownership of Dow AgroSciences Hungary KFT is 100% of which Dow AgroSciences Switzerland S.A. owns 99.97% and Dow AgroSciences Polska Sp z.o.o. owns 0.03%.

(20)
The Dow Chemical Company effective ownership of Ion Holdings LLC is 100% of which The Dow Chemical Company owns 60% and Rofan Services Inc. owns 40%.

(21)
The Dow Chemical Company effective ownership of Dow Quimica Mexicana S.A. de C.V. is 100% of which The Dow Chemical Company owns 84.58% and Union Carbide Corporation owns 15.42%.

(22)
The Dow Chemical Company effective ownership of Dow AgroSciences Argentina S.A. is 100% of which Dow AgroSciences B.V. owns 89.13% and Agrigenetics, Inc. owns 10.87%.

(23)
The Dow Chemical Company effective ownership of Hobbes Capital S.A., a fully consolidated entity, is 48%.

(24)
The Dow Chemical Company effective ownership of Dexco Polymers L.P. is 50% of which DW Dexco Investment LLC owns 49.5% and Dexco Polymers Operating Company LLC owns 1%. (The Dow Chemical Company owns 50% of Dexco Polymers Operating Company LLC).

234

(25)
The Dow Chemical Company effective ownership of Dow International Holdings General Partnership is 100% of which Dow International Holdings S.A. owns 99.93% and Dow Chemical International Ltd. owns 0.07%.

(26)
The Dow Chemical Company effective ownership of Dow Zwijndrecht B.V.B.A. is 100% of which Dow Europe Holding B.V. owns 99.65% and Dow InterBranch B.V. owns 0.35%.

(27)
The Dow Chemical Company effective ownership of Dow Quimica Argentina S.A. is 100% of which The Dow Chemical Company owns 87.89%, Union Carbide Corporation owns 11.99% and Union Carbide Pan America, Inc. owns 0.12%.

(28)
The Dow Chemical Company effective ownership of Dow Quimica Chilena S.A. is 100% of which The Dow Chemical Company owns 89.81%, Union Carbide Inter-America Inc. (Delaware) owns 10.16% and Union Carbide Pan America, Inc. owns 0.03%.

(29)
The Dow Chemical Company effective ownership of Dow International Holdings Company is 100% of which The Dow Chemical Company owns 81.72%, Essex Specialty Products LLC owns 10.87% and Union Carbide Corporation owns 7.41%.

(30)
The Dow Chemical Company effective ownership of Modeland International Holdings Inc. is 100% of which Dow Chemical Finance Canada Inc. owns 59.1% and Union Carbide Corporation owns 40.9%.

(31)
The Dow Chemical Company effective ownership of Dow Hungary Kft. is 100% of which Dow Europe Holding B.V. owns 99.98% and Dow InterBranch B.V. owns 0.02%.

(32)
The Dow Chemical Company effective ownership of Productos Quimicos Peruanos S.A. is 100% of which The Dow Chemical Company owns 91.21% and Union Carbide Inter-America Inc. (Delaware) owns 8.79%.

(33)
The Dow Chemical Company effective ownership of Johann Haltermann Ltd. is 100% of which Proresin Inc. owns 99% and Haltermann Incorporated owns 1%.

(34)
The Dow Chemical Company effective ownership of Valuepark Terneuzen C.V. is 50% of which Terneuzen Partnership Services B.V. owns 49.82% and Valuepark Terneuzen Beheer B.V. owns .36%. (Dow Benelux B.V. owns 50% of Valuepark Terneuzen Beheer BV).

(35)
The Dow Chemical Company effective ownership of Dow Chemical International Pvt. Ltd. is 100% of which Dow Chemical Pacific (Singapore) Private Limited owns 99.99% and Dow Chemical (Singapore) Private Limited owns 0.01%.

(36)
The Dow Chemical Company effective ownership of AVC Holdings Inc. is 100% of which The Dow Chemical Company owns 63% and Dow Global Technologies Inc. owns 37%.

(37)
The Dow Chemical Company effective ownership of Dow Investment Argentina S.A. is 100% of which The Dow Chemical Company owns 97.1% and Essex Specialty Products LLC owns 2.9%.

(38)
The Dow Chemical Company effective ownership of Dow AgroSciences India Pvt. Ltd. is 100% of which Dow AgroSciences Agricultural Products Limited owns 99.99% and DAS Agricultural Investment Holding Company Ltd. owns 0.01%.

(39)
The Dow Chemical Company effective ownership of PBBPolisur S.A. is 100% of which Dow Investment Argentina S.A. owns 72% and The Dow Chemical Company owns 28%.

(40)
The Dow Chemical Company effective ownership of Dow Deutschland GmbH & Co OHG is 100% of which Dow Automotive (Deutschland) GmbH owns 35%, Safechem Europe GmbH owns 35% and ANGUS Chemie GmbH owns 30%.

(41)
The Dow Chemical Company effective ownership of DML Holding Inc. is 100% of which The Dow Chemical Company owns 88.84% and Union Carbide Corporation owns 11.16%.

(42)
The Dow Chemical Company effective ownership of GWN Holding, Inc. is 100% of which The Dow Chemical Company owns 88.84% and Union Carbide Corporation owns 11.16%.

(43)
The Dow Chemical Company effective ownership of Dow AgroSciences Bolivia S. A. is 100% of which Dow AgroSciences B.V. owns 99.00%; Dow AgroSciences Argentina S.A. owns 0.05% and Dow AgroSciences Paraguay S.A. owns 0.05%.

(44)
The Dow Chemical Company effective ownership of Dow AgroSciences Paraguay S. A. is 100% of which Dow AgroSciences B.V. owns 99.99% and Dow AgroSciences Argentina S.A. owns 0.01%.

(45)
The Dow Chemical Company effective ownership of Dow Chemical Korea Limited is 100% of which The Dow Chemical Company owns 85.82%, and Dow Europe Holding B.V. owns 14.18%.

235



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