EX-21 7 a2128941zex-21.htm EXHIBIT 21
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EXHIBIT 21

Subsidiaries of The Dow Chemical Company
At December 31, 2003

 
   Location*
   % Ownership
The Dow Chemical Company   Delaware    
    Arabian Chemical Company (Polystyrene) Limited (1)   Saudi Arabia   50
    Arabian Chemical Company (Latex) Ltd. (1)   Saudi Arabia   50
    Arakawa Europe GmbH   Germany   60
    Buildscape LLC   Delaware   100
    CanStates Holdings, Inc.   Oklahoma   100
        ANGUS Chemical Company   Delaware   100
            ANGUS Chemie GmbH   Germany   100
    CD Polymers Inc.   Delaware   100
        Cargill Dow LLC (1)   Delaware   50
    Centen Ag Inc.   Delaware   100
        Dow AgroSciences LLC (11)   Delaware   39
        Mycogen Corporation (19)   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. (29)   Texas   49
    Dexco Polymers Operating Company LLC (1)   Texas   50
        Dexco Polymers L.P. (29)   Texas   1
    Diamond Capital Management Inc.   Delaware   100
    DMM Financial LLC   Delaware   100
        MTD Pipeline LLC (1)   Delaware   50
    Dofinco, Inc.   Delaware   100
    Dow Centroamerica, Sociedad Anonima   Costa Rica   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 Canada Inc. (22)   Canada   89
        The Alberta & Orient Glycol Company Limited (1)   Canada   50
        Dow BioProducts Ltd.   Canada   100
        DowBrands Canada Inc.   Canada   100
            3813991 Canada Inc.   Canada   100
            Emerald Financial SrL   Barbados   100
            Modeland International Holdings Inc. (35)   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 Participacoes Ltda.   Brazil   100
                    Dow Brasil Nordeste Ltda.   Brazil   100

160

 
   Location*
   % Ownership
                        EDN-Distribuidora do Nordeste Ltda.   Brazil   100
                        EDN-Poliestireno do sul Limitada   Brazil   100
                    Keytil Sociedad Anonima   Uruguay   100
                    Primera-Industria e Comercio Ltda.   Brazil   100
        Essex Specialty Products, Inc., Canada   Canada   100
        Fort Saskatchewan Ethylene Storage Limited Partnership (1) (17)   Canada   49
        H-D Tech Inc. (1)   Canada   50
        Petromont and Company Limited Partnership (1)   Canada   50
        Petromont Inc. (1)   Canada   50
        Pipeline Petromont Enr. (1)   Canada   50
        Union Carbide Performance Plastics Corp.   Canada   100
    Dow Chemical (China) Investment Company Limited   China   100
        Dow Chemical (Zhangjiagang) Co., Ltd. (16)   China   10
        Dow S/B Latex (Zhangjiagang) Co. Ltd. (15)   China   10
        Guangdong Zhongshan Amerchol Specialty Chemicals   China   90
        SAL Petrochemical (Zhangjiagang) Company Limited (1) (18)   China   10
    Dow Chemical (China) Ltd.   Delaware   100
    Dow Chemical Delaware Corp.   Delaware   100
        Chemtech II L.P. (8)   Delaware   72
            Chemtech Portfolio Inc. (13)   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 (30)   Bermuda   1
        Hobbes Capital S.A. (28)   Luxembourg   49
        Petroquimica-Dow S.A. (Petrodow)   Chile   70
    Dow Chemical Japan Limited (10)   Japan   89
    Dow Chemical Korea Limited   Korea   100
    Dow Chemical (NZ) Limited   New Zealand   100
    Dow Chemical Pacific Limited   Hong Kong   100
        Ulsan Pacific Chemical Corporation (14)   Korea   80
    Dow Chemical Pacific (Singapore) Private Limited   Singapore   100
        Dow Chemical (Guangzhou) Company Limited   China   100
        Dow Chemical (India) Holdings Private Limited (41)   India   99
            Dow Chemical International Pvt. Ltd.   India   100
        Dow Chemical (Malaysia) Sdn. Bhd.   Malaysia   100
        Dow Financial Holdings Singapore Pte Ltd.   Singapore   100
            Dow Chemical (Zhangjiagang) Co., Ltd. (16)   China   90
            Dow S/B Latex (Zhangjiagang) Co. Ltd. (15)   China   90
            SAL Petrochemical (Zhangjiagang) Company Limited (1) (18)   China   40
        G.Z. Holdings Pte. Ltd.   Singapore   100
        PT Dow Chemical Indonesia (23)   Indonesia   15
        S.H.A. Holdings Pte. Ltd.   Singapore   100
    Dow Chemical (Singapore) Private Limited   Singapore   100
        Dow Chemical (India) Holdings Private Limited (41)   India   1

161

 
   Location*
   % Ownership
    Dow Chemical Taiwan Limited   China   100
    Dow Chemical Telecommunications Corp.   Delaware   100
    Dow Credit Corporation   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 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
                Midland Pipeline Corp.   Delaware   100
                    Fort Saskatchewan Ethylene Storage Corporation (1)   Canada   50
                        Fort Saskatchewan Ethylene Storage Limited Partnership (1) (17)   Canada   1
        DowBrands L.P. (6)   Delaware   58
    Dow Financial Services Inc.   Delaware   100
    Dow Global Technologies Inc.   Delaware   100
        Chemtech Portfolio Inc. (13)   Texas   67
    Dow International B.V.   Netherlands   100
    Dow International Financial Services   Ireland   100
        Dow Capital Public Limited Company   Ireland   100
    Dow International Holdings Company (34)   Delaware   82
        Dow International Holdings S.A.   Switzerland   100
            Dow International Holdings General Partnership (30)   Bermuda   99
                Dow Europe Holding B.V.   Netherlands   100
                    Dow Olefinverbund GmbH   Germany   100
                        BSL Pipeline Gesellschaft mbH & Co. KG   Germany   80
                        BSL Pipeline Verwaltungsgesellschaft mbH   Germany   80
                        Dow Automotive (Deutschland) GmbH   Germany   100
                        Dow Deutschland GmbH & Co. OHG (9)   Germany   98
                        Dow PET GmbH   Germany   100
                        Safechem Umwelt Service GmbH   Germany   100
                    ConSecFin B.V.   Netherlands   100
                    Core Products SAS (1)   France   50
                    Dow Austria GmbH   Austria   100
                    Dow Belgium B.V.B.A   Belgium   100
                    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. (12)   Belgium   99

162

 
   Location*
   % Ownership
                        Rofan Automation and Information Systems B.V.   Netherlands   100
                        Terneuzen EPE Train 3 B.V.   Netherlands   100
                            EPE Train 3 Finance C.V. (1)   Netherlands   50
                        Terneuzen Partnership Services B.V.   Netherlands   100
                            Valuepark Terneuzen CV (1) (40)   Netherlands   10
                        Valuepark Terneuzen Beheer BV (1)   Netherlands   50
                            Valuepark Terneuzen CV (1) (40)   Netherlands   80
                    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   100
                            Transformadora de Etileno AIE (1)   Spain   50
                    Dow Chemical OOO   Russia   100
                    Dow Deutschland Beteiligungsgesellschaft mbH   Germany   100
                        Dow Deutschland GmbH & Co. OHG (9)   Germany   1
                    Dow Deutschland GmbH   Germany   100
                        Dow Deutschland GmbH & Co. OHG (9)   Germany   1
                    Dow Europe GmbH   Switzerland   100
                        Advanced Design Concepts GmbH (1)   Germany   50
                        Core Products GmbH (1)   Switzerland   50
                        Dolpa S.a.r.l.   Luxembourg   100
                            Dow International Service Center B.V.B.A (21)   Belgium   99
                        Dow Automotive (Italia) s.r.l.   Italy   100
                        Dow Automotive Romania S.A.   Romania   51
                        Dow Automotive South Africa (Pty) Ltd.   South Africa   100
                        Dow Europe Finance 1 BV   Netherlands   100
                        Dow Export GmbH   Switzerland   100
                        Dow Mideast Systems (JSC) (2)   Egypt   1
                        Rovec SAS   France   100
                            Dow Automotive (Espana) S.L.   Spain   100
                            Dow Automotive France SAS   France   100
                        Sound Alliance GmbH   Switzerland   60
                    Dow France S.A.S.   France   100
                    Dow Hellas A.E.   Greece   100
                    Dow Hungary Kft. (36)   Hungary   99
                    Dow InterBranch B.V.   Netherlands   100
                        Dow Danmark A/S   Denmark   100
                        Dow Hungary Kft. (36)   Hungary   1
                        Dow International Service Center B.V.B.A (21)   Belgium   1
                        Dow Mideast Systems (JSC) (2)   Egypt   1
                        Dow Norge A/S   Norway   100
                        Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti (3)   Turkey   1
                        Dow Zwijndrecht N.V. (31)   Belgium   1
                        Esti Chem A/S   Denmark   100
                    Dow Italia S.r.l.   Italy   100
                        Dow Poliuretani Italia s.r.l   Italy   100

163

 
   Location*
   % Ownership
                        Epoxital S.R.L.   Italy   100
                    Dow Mideast Systems (JSC) (2)   Egypt   98
                    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 N.V. (31)   Belgium   99
                    Dow (Wilton) Limited   United Kingdom   100
                    Ginger B.V. (1)   Netherlands   50
                    Haltermann B.V.B.A.   Belgium   100
                    Pacific Epoxy Company Ltd.   Korea   80
                    Polyol Belgium B.V.B.A. (12)   Belgium   1
    Dow Internacional Mexicana S.A. de C.V.   Mexico   100
    Dow Investment Argentina S.A.   Argentina   100
        PBBPolisur S.A.   Argentina   72
    Dow Kakoh Kabushiki Kaisha   Japan   65
    Dow Quimica Argentina S.A. (32)   Argentina   87
    Dow Quimica Chilena S.A. (33)   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. (26)   Mexico   85
        Plantas Industriales Asociadas C.A.   Ecuador   100
    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
            Dow Plastics Southern Africa (Pty) Ltd.   South Africa   100
            Jakkalsbessie Beleggings (EDMS) Bpk.   South Africa   100
            Minchem International Inc.   South Africa   100
            South African Polymer Holdings (PTY) Ltd.   South Africa   100
            Syntheta Pty Ltd.   South Africa   100
    Dow Trading PRC Inc.   Delaware   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
                    Marclay Limited   United Kingdom   100
                Ascot International Management Limited   United Kingdom   100
                    Haltermann Netherlands B.V.   Netherlands   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

164

 
   Location*
   % Ownership
                        Suter Ash Limited   United Kingdom   100
                Ascot Management Services Limited   United Kingdom   100
                    Ascot Corporate Directors Limited   United Kingdom   100
                    Haltermann Pension Trustees Limited   United Kingdom   100
                Ascot Nominees Limited   United Kingdom   100
                Ascot Quest Trustee Limited   United Kingdom   100
                Ascot Real Estate Limited   United Kingdom   100
                Chirotech Technology Limited   United Kingdom   100
                Ellesmere Port Properties Limited   United Kingdom   100
                Lynshield Limited (1)   United Kingdom   50
                Suter Equipment Limited   United Kingdom   100
                Suter Limited   United Kingdom   100
                    Ascot Commercial Limited   United Kingdom   100
                    Ascot Group Finance Limited   United Kingdom   100
                        St. Vincent's Limited   United Kingdom   100
                    Ascot Overseas Ltd.   United Kingdom   100
                        Haltermann AG   Switzerland   100
                    Chemoxy International Limited   United Kingdom   100
                        Jolly No. 2 Limited   United Kingdom   100
    Dow Venezuela, C.A. (7)   Venezuela   37
    DowBrands Inc. (20)   Delaware   79
    DSL Holdings Inc.   Delaware   100
        Dow Reichhold Specialty Latex LLC (1)   Delaware   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 (34)   Delaware   11
        Essex de Hermosillo, S.A. DE C.V.   Mexico   100
        Sound Alliance LLC   Delaware   60
        Wuhan Essex Chemical Co., Ltd.   China   51
    Etoxilados del Plata S.A.   Argentina   100
    FilmTec Corporation   Delaware   100
    Flexible Products Company   Georgia   100
        Flexible Products Company of Canada, Inc   Canada   100
    Forbanco Inc.   Delaware   100
    General Latex and Chemical Corporation   Massachusetts   100
        General Latex and Chemical Corporation (of Ga.)   Georgia   100
        General Latex and Chemical Corporation (of N.C.)   North Carolina   100
        General Latex and Chemical Corporation (of Ohio)   Ohio   100
        General Latex Canada Inc.   Canada   100
    Great Western Pipeline Company, Inc.   California   100
    Ifco Inc.   Delaware   100
        Chemtech II L.P. (8)   Delaware   5
    Ion Holdings LLC (25)   Delaware   60

165

 
   Location*
   % Ownership
        Ion Investments S.a.r.l.   Luxembourg   100
            Tornado Finance V.O.F.   Netherlands   60
    INCA International S.p.A.   Italy   100
    Intarsia Corporation   Delaware   99
    iVenturi, Inc.   Delaware   54
    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
    Neolytica, Inc.   Delaware   100
    PT Dow Chemical Indonesia (23)   Indonesia   85
        P.T. Dow AgroSciences Indonesia (39)   Indonesia   1
    Productos Quimicos Peruanos S.A. (37)   Peru   91
    Proresin Inc.   Delaware   100
        Haltermann Incorporated   Texas   100
            Johann Haltermann Ltd. (38)   Texas   1
        Johann Haltermann Ltd. (38)   Texas   99
    Raven Group Ltd.   Delaware   100
    RavenWorks Ltd.   Delaware   85
    Rofan Services Inc.   Delaware   100
        DH Compounding Company (1)   Delaware   50
        Dow AgroSciences LLC (11)   Delaware   10
        Ion Holdings LLC (25)   Delaware   40
        Mycogen Corporation (19)   California   88
            Dow AgroSciences LLC (11)   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
                    DE-NOCIL Crop Protection Limited   India   76
                Dow AgroSciences B.V.   Netherlands   100
                    Ambito DAS S.A. (1)   Argentina   50
                    Chaco DAS S.A. (1)   Argentina   50
                    Costa Galana DAS SA (1)   Argentina   50
                    DAS Ihara K.K. (1)   Japan   50
                    Daser Agro SA (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 (Malaysia) Sdn Bhd   Malaysia   100
                    Dow AgroSciences (NZ) Limited   New Zealand   100
                    Dow AgroSciences A.S.   Turkey   100

166

 
   Location*
   % Ownership
                    Dow AgroSciences Argentina S.A. (27)   Argentina   89
                        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.   Bolivia   100
                    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 GmbH   Germany   100
                    Dow AgroSciences Guatemala S.A.   Guatemala   100
                    Dow AgroSciences Iberica S.A.   Spain   100
                    Dow AgroSciences Industrial Ltda.   Brazil   100
                    Dow AgroSciences Limited   United Kingdom   100
                    Dow AgroSciences Pacific Limited   Hong Kong   100
                    Dow AgroSciences Paraguay S.A.   Paraguay   100
                    Dow AgroSciences Polska Sp z.o.o.   Poland   100
                        Dow AgroSciences Hungary KFT (24)   Hungary   1
                    Dow AgroSciences S.A.S.   France   100
                        Dow AgroSciences Distribution S.A.S.   France   100
                    Dow AgroSciences s.r.o.   Czech Republic   100
                    Dow AgroSciences Sverige A/B   Sweden   100
                    Dow AgroSciences Taiwan Ltd.   China   100
                    Dow AgroSciences Technology GmbH   Switzerland   100
                        Dow AgroSciences Switzerland S.A.   Switzerland   100
                            Dow AgroSciences Hungary KFT (24)   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 (10)   Japan   11
                        DAS Ryosho Corporation   Japan   53
                    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 (39)   Indonesia   99
                    Pentec—Produtos Quimicos, Lda. (1)   Portugal   50
                    Rindes y Cultivos—DAS S.A. (1)   Argentina   50
                    Ubajay-DAS S.A. (1)   Argentina   50
                    Zoo-Agro de Venezuela, C.A. (1)   Venezuela   50
                Dow AgroSciences Barbados Limited   Barbados   100
                Dow AgroSciences China Ltd.   Delaware   100
                Dow AgroSciences International Ltd.   Delaware   100

167

 
   Location*
   % Ownership
                    Dow AgroSciences (Thailand) Limited   Thailand   100
                Dow AgroSciences Southern Africa (Proprietary) Limited   South Africa   100
                    Agroserve (Proprietary) Limited   South Africa   100
                    Sanachem (Zimbabwe) (Pvt) Ltd   Zimbabwe   100
                DowBrands Inc. (20)   Delaware   21
                OCI DAS Co., Ltd. (1)   Korea   50
                DAS Agricultural Investment Holding Company Ltd.   Mauritius   100
                    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. (27)   Argentina   11
                    Mycogen Canada Inc.   Canada   100
                    Mycogen Seeds-Puerto Rico Corporation   Delaware   100
                    Mycogen S.A. de C.V. (4)   Mexico   1
            Mycosub/BA, Inc.   Delaware   100
                MJT BA L.P. (1)   California   50
            Mycosub/BH, Inc.   Delaware   100
                MJT BH/BT L.P. (1)   California   50
            Phytogen Seed Company, LLC   Delaware   51
            Sementes Dow AgroSciences Ltda   Brazil   100
        Wenben Inc.   Delaware   100
            Dupont Dow Elastomers L.L.C. (1)   Delaware   50
    Scotdril Midland Inc.   Michigan   100
    Sentrachem US, Inc.   Delaware   100
        Hampshire Holdings, Inc.   Delaware   100
            Hampshire Chemical Corp.   Delaware   100
    Styron Asia Limited (1)   Hong Kong   50
    Sumitomo Dow Limited. (1)   Japan   50
    TCM Technologies Inc.   Delaware   100
    Ulsan Pacific Chemical Corporation (14)   Korea   20
    Union Carbide Corporation   New York   100
        Amerchol Corporation   Delaware   100
        American Acetyls (1)   Connecticut   50
        Benefit Capital Management Corporation   Delaware   100
        Calidria Corporation   Delaware   100
        Carbide Chemical (Thailand) Limited   Thailand   100
            Excellent Quality (Thailand) Company Limited   Thailand   100
        Catalysts, Absorbents & Process Systems, Inc.   Maryland   100
            UOP LLC (1)   Delaware   50
        Chemicals Marine Fleet, Inc.   Delaware   100
        Dow Chemical Canada Inc. (22)   Canada   11

168

 
   Location*
   % Ownership
        Dow International Holdings Company (34)   Delaware   7
        Dow Quimica Argentina S.A. (32)   Argentina   12
        Dow Quimica Mexicana S.A. de C.V. (26)   Mexico   15
        Dow Venezuela, C.A. (7)   Venezuela   9
        EQUATE Marketing Company E.C. (1)   Bahrain   50
        GlenGate Insurance Brokers Limited   Ireland   100
        Global Industrial Corporation   New York   100
        Industrias Carlisil, S.A.   Mexico   100
        KTI Chemicals, Inc.   Delaware   100
        Modeland International Holdings Inc. (35)   Barbados   41
        National Carbon Company Pakistan (Private) Limited   Pakistan   100
        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. Bdn. (1)   Malaysia   50
        UC Finco Inc.   Delaware   100
        Umetco Minerals Corporation   Delaware   100
            Blue Creek Coal Co, Inc.   Delaware   100
            Predate Properties (Pty) Ltd.   South Africa   100
            Ruighoek Chrome Mines (Proprietary) Limited   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   63
            Union Carbide (Guangdong Zhongshan) Company Limited   China   75
        Union Carbide Asia Pacific, Inc.   Delaware   100
        Union Carbide Caribe LLC   Delaware   100
            UCAR Resinas Caribe Inc.   Delaware   100
        Union Carbide Chemicals & Plastics Technology Corporation   Delaware   100
        Union Carbide China Investment Co., Ltd.   China   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 Foreign Sales Corporation   Virgin Islands   100
        Union Carbide Formosa Company Ltd.   China   100
        Union Carbide Inter-America, Inc. (Delaware)   Delaware   100
            Dow Quimica Chilena S.A. (33)   Chile   10

169

 
   Location*
   % Ownership
            Productos Quimicos Peruanos S.A. (37)   Peru   9
        Union Carbide Inter-America Inc.   New Jersey   100
        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. (32)   Argentina   1
            Dow Quimica Chilena S.A. (33)   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
        World Ethanol Company (1)   Illinois   50
    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.

170

(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 (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 99.9988% and Dow InterBranch B.V. owns 0.0012%.
(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 37.09%, Dow AgroSciences B. V. owns 53.84% and Union Carbide Corporation owns 9.07%.
(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 Deutschland GmbH & Co. OHG is 100% of which Dow Olefinverbund GmbH owns 98%, Dow Deutschland GmbH owns 1% and Dow Deutschland Beteiligungsgesellschaft mbH owns 1%.
(10)
The Dow Chemical Company effective ownership of Dow Chemical Japan Limited is 100% of which The Dow Chemical Company owns 89% and Dow AgroSciences B.V. owns 11%.
(11)
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%.
(12)
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%.
(13)
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% (see Note 8 for Chemtech II L.P. to calculate The Dow Chemical Company effective ownership of 25.75%).
(14)
The Dow Chemical Company effective ownership of Ulsan Pacific Chemical Corporation is 100% of which Dow Chemical Pacific Limited owns 80% and The Dow Chemical Company owns 20%.
(15)
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 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.
(16)
The Dow Chemical Company effective ownership of Dow Chemical (Zhangjiagang) Co., Ltd. is 100% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.
(17)
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 Corporation owns 50% of Fort Saskatchewan Ethylene Storage Corporation.)
(18)
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%.
(19)
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%.
(20)
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%.
(21)
The Dow Chemical Company effective ownership of Dow International Service Center B.V.B.A. is 100% of which Dolpa S.a.r.l. owns 99.9993% and Dow InterBranch B.V. owns 0.0007%.
(22)
The Dow Chemical Company effective ownership of Dow Chemical Canada Inc. is 100% of which The Dow Chemical Company owns 88.84% and Union Carbide Corporation owns 11.16%.
(23)
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%.
(24)
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%.
(25)
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%.
(26)
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%.

171

(27)
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%.
(28)
The Dow Chemical Company effective ownership of Hobbes Capital S.A., a fully consolidated entity, is 49%.
(29)
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.)
(30)
The Dow Chemical Company effective ownership of Dow International Holdings General Partnership is 100% of which Dow International Holdings S.A. owns 99.92% and Dow Chemical International Ltd. owns 0.08%.
(31)
The Dow Chemical Company effective ownership of Dow Zwijndrecht N.V. is 100% of which Dow Europe Holding B.V. owns 99.65% and Dow InterBranch B.V. owns 0.35%.
(32)
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%.
(33)
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%.
(34)
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%.
(35)
The Dow Chemical Company effective ownership of Modeland International Holdings Inc. is 100% of which DowBrands Canada Inc. owns 59.1% and Union Carbide Corporation owns 40.9%.
(36)
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%.
(37)
The Dow Chemical Company effective ownership of Productos Quimicos Peruanos S.A. is 100% of which The Dow Chemical Company owns 91.25% and Union Carbide Inter-America (Delaware) owns 8.75%.
(38)
The Dow Chemical Company effective ownership of Johann Haltermann Ltd. is 100% of which Proresin Inc. owns 99% and Haltermann Incorporated owns 1%.
(39)
The Dow Chemical Company effective ownership of P.T. Dow AgroSciences Indonesia is 100% of which Dow AgroSciences B.V. owns 99.9997% and PT Dow Chemical Indonesia owns 0.0003%.
(40)
The Dow Chemical Company effective ownership of Valuepark Terneuzen CV is 50% of which Terneuzen Partnership Services B.V. owns 10% and Valuepark Terneuzen Beheer BV owns 80%. (Dow Benelux B.V. owns 50% of Valuepark Terneuzen Beheer BV.)
(41)
The Dow Chemical Company effective ownership of Dow Chemical (India) Holdings Private Limited is 100% of which Dow Chemical Pacific (Singapore) Private Limited owns 99.99% and Dow Chemical (Singapore) Private Limited owns 0.01%.

172



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Subsidiaries of The Dow Chemical Company At December 31, 2003