EX-21 7 a2151917zex-21.htm EXHIBIT 21

EXHIBIT 21

Subsidiaries of The Dow Chemical Company
At December 31, 2004

 
   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
    AVC Holdings Inc.(42)   Delaware   9
    Buildscape LLC   Delaware   100
    CanStates Holdings, Inc.   Oklahoma   100
      ANGUS Chemical Company   Delaware   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)(1)   Texas   49
    Dexco Polymers Operating Company LLC(1)   Texas   50
      Dexco Polymers L.P.(29)(1)   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
      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
         

211

              EDN-Distribuidora do Nordeste Ltda.   Brazil   100
              EDN-Poliestireno do sul Limitada   Brazil   100
            Keytil Sociedad Anonima   Uruguay   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
      MEGlobal Canada Inc(1)   Canada   50
      Petromont and Company Limited Partnership(1)   Canada   50
      Petromont Inc.(1)   Canada   50
      Pipeline Petromont Enr.(1)   Canada   50
    Dow Chemical (China) Investment Company Limited   China   100
      Dow Chemical (Shanghai) Company Limited   China   100
      Dow Chemical (Zhangjiagang) Co., Ltd.(16)   China   10
      Dow S/B Latex (Zhangjiagang) Co. Ltd.(15)   China   31
      Guangdong Zhongshan Amerchol Specialty Chemicals   China   90
      SAL Petrochemical (Zhangjiagang) Company Limited(1)(18)   China   10
    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   100
    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 International Pvt. Ltd.(41)   India   99
      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   69
        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 International Pvt. Ltd.(41)   India   1
    Dow Chemical Taiwan Limited   Taiwan   100
    Dow Chemical Telecommunications Corp.   Delaware   100
    Dow Credit Corporation   Delaware   100
         

212

    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 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)(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
      AVC Holdings Inc.(42)   Delaware   91
    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
            ConSecFin B.V.   Netherlands   100
            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
              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
         

213

                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
              Dolpa S.a.r.l.   Luxembourg   100
                Dow International Service Center B.V.B.A(21)   Belgium   99
              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
              Epoxital S.R.L.   Italy   100
            Dow Mideast Systems (JSC)(2)   Egypt   98
            Dow Olefinverbund GmbH   Germany   100
              ANGUS Chemie GmbH   Germany   100
              BSL Pipeline Gesellschaft mbH & Co. KG   Germany   80
              BSL Pipeline Verwaltungsgesellschaft mbH   Germany   80
              Dow AgroSciences GmbH   Germany   100
              Dow Automotive (Deutschland) GmbH   Germany   100
              Dow Deutschland GmbH & Co. OHG(9)   Germany   98
              Safechem Europe GmbH   Germany   100
            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
         

214

            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
            MEGlobal B.V.(1)   Netherlands   50
            Oman Petrochemical Industries Company LLC(1)   Oman   50
            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.(43)   Argentina   97
      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. (In liquidation)   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
        Jakkalsbessie Beleggings (EDMS) Bpk.   South Africa   100
        Minchem International Inc.   South Africa   100
        South African Polymer Holdings (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
            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
            Ascot Corporate Directors Limited (In liquidation)   United Kingdom   100
            Haltermann Pension Trustees Limited   United Kingdom   100
          Ascot Nominees Limited (In liquidation)   United Kingdom   100
          Ascot Quest Trustee Limited (In liquidation)   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 (In liquidation)   United Kingdom   100
         

215

            Ascot Group Finance Limited   United Kingdom   100
              St. Vincent's Limited   United Kingdom   100
            Ascot Overseas Ltd.   United Kingdom   100
            Chemoxy International Limited   United Kingdom   100
              Jolly No. 2 Limited   United Kingdom   100
    Dow Venezuela, C.A.(7)   Venezuela   36
    DowBrands Inc.(20)   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(34)   Delaware   11
      Dow Investment Argentina S.A.(43)   Argentina   3
      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
    GBRP, L.L.C.   Louisiana   94
    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
      Ion Investments S.a.r.l.   Luxembourg   100
        Tornado Finance V.O.F.   Netherlands   60
    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
         

216

    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   90
    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
            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 S.A. Costa Rica   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
            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
         

217

              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.   Taiwan   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
              AgroPartners 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
            Dow AgroSciences (Thailand) Limited   Thailand   100
          Dow AgroSciences Southern Africa (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
        Mycosub/BH, Inc.   Delaware   100
        Phytogen Seed Company, LLC   Delaware   54
      Wenben Inc.   Delaware   100
        Dupont Dow Elastomers L.L.C.(1)   Delaware   50
         

218

    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
    Texas LNG Holdings LLC   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
      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   10
      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
      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 Co, Inc.   Delaware   100
        Predate Properties (Pty) Ltd.   South Africa   100
        Umetco Minerals Exploration Corporation   Delaware   100
      Union Carbide Asia Limited   Hong Kong   100
         

219

        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 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 Inter-America, Inc. (Delaware)   Delaware   100
        Dow Quimica Chilena S.A.(33)   Chile   10
        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.

220


(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 99.87% 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 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 30.73% and Dow Financial Holdings Singapore Pte Ltd. owns 69.27%.
     

221


(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 Corp. 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%.

(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%.
     

222


(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 International Private Limited is 100% of which Dow Chemical Pacific (Singapore) Private Limited owns 99.99% and Dow Chemical (Singapore) Private Limited owns 0.01%.

(42)
 
The Dow Chemical Company effective ownership of AVC Holdings Inc. is 100% of which The Dow Chemical Company owns 9% and Dow Global Technologies Inc. owns 91%.

(43)
 
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 owns 2.9%.

223