MIDLAND, Mich.--(BUSINESS WIRE)--The Dow Chemical Company (NYSE:DOW) supports today’s decision by the Department of Energy (DOE). It is a prudent step in pursuit of a measured and balanced approach to liquefied natural gas (LNG) exports that will benefit producers and consumers, such as manufacturers, utilities, homeowners and the American public.
This decision by the Department of Energy is a step toward a more robust national energy strategy, and provides the greater clarity and certainty that businesses need to make investment decisions. The DOE appropriately executed a public interest determination as obligated under the law. As the DOE considers remaining requests, it is important we create an environment that fosters production and smart regulation. Dow will adopt a wait and see approach regarding further approvals, while continuing to advocate for transparent, sequential decisions like this one, which follow the established process and consider the cumulative impact of each permit on our overall economy.
Every dollar of natural gas in domestic manufacturing creates upwards of $8 of added value in the overall economy – far more than exporting it as a fuel. The DOE approval announced today will allow domestic manufacturers to continue to further advance the resurgence of American manufacturing.
Shale gas has brought a competitive advantage to the United States. This incremental, thoughtful approach supports an increased level of natural gas production and adds certainty for domestic manufacturers who seek to invest in the US and grow jobs, such as Dow is doing in the U.S. Gulf Coast. These investments and others totaling more than $100 billion are fueling a U.S. manufacturing boom.
About Dow
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2012, Dow had annual sales of approximately $57 billion and employed approximately 54,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 sites in 36 countries across the globe. 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.
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