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EXHIBIT 21

Subsidiaries of The Dow Chemical Company
At December 31, 2005

								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.(37)							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(10)						Delaware	39
		Mycogen Corporation(17)						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)(25)						Texas	49
	Dexco Polymers Operating Company LLC(1)							Texas	50
		Dexco Polymers L.P.(1)(25)						Texas	1
	Diamond Capital Management Inc.							Delaware	100
	DML Holding Inc.(42)							Delaware	89
		Dow Canada Holding LP(43)						Canada	1
	DMM Financial LLC							Delaware	100
		MTD Pipeline LLC(1)						Delaware	50
	Dofinco, Inc.							Delaware	100
	Dow Canada Holding LP(43)							Canada	89
		Dow Chemical Canada Inc.						Canada	100
			Dow Chemical Finance Canada Inc.					Canada	100
				Modeland International Holdings Inc.(31)				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
							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)(15)					Canada	49
			H-D Tech Inc.(1)					Canada	50

176

			Location*	% Ownership
		MEGlobal Canada Inc(1)	Canada	50
		Petromont and Company Limited Partnership(1)	Canada	50
		Petromont Inc.(1)	Canada	50
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 (Shanghai) Company Limited		China	100
	Dow Chemical (Zhangjiagang) Co., Ltd.(14)		China	10
	Dow S/B Latex (Zhangjiagang) Co. Ltd.(13)		China	31
	Guangdong Zhongshan Amerchol Specialty Chemicals		China	90
	SAL Petrochemical (Zhangjiagang) Company Limited(1)(16)		China	10
Dow Chemical Delaware Corp.			Delaware	100
	Chemtech II L.P.(8)		Delaware	72
		Chemtech Portfolio Inc.(12)	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(26)		Bermuda	1
	Hobbes Capital S.A.(24)		Luxembourg	48
	Petroquimica-Dow S.A. (Petrodow)		Chile	100
Dow Chemical Japan Limited(9)			Japan	89
Dow Chemical Korea Limited			Korea	100
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
	Dow Chemical International Pvt. Ltd.(36)		India	99
	Dow Chemical (Malaysia) Sdn. Bhd.		Malaysia	100
	Dow Financial Holdings Singapore Pte Ltd.		Singapore	100
		Dow Chemical (Zhangjiagang) Co., Ltd.(14)	China	90
		Dow S/B Latex (Zhangjiagang) Co. Ltd.(13)	China	69
		SAL Petrochemical (Zhangjiagang) Company Limited(1)(16)	China	40
	G.Z. Holdings Pte. Ltd.		Singapore	100
	PT Dow Chemical Indonesia(19)		Indonesia	15
	S.H.A. Holdings Pte. Ltd.		Singapore	100
Dow Chemical (Singapore) Private Limited			Singapore	100
	Dow Chemical International Pvt. Ltd.(36)		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

177

							Location*	% Ownership
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)(15)		Canada	1
	DowBrands L.P.(6)						Delaware	58
Dow Financial Services Inc.							Delaware	100
Dow Global Technologies Inc.							Delaware	100
	Chemtech Portfolio Inc.(12)						Texas	67
	AVC Holdings Inc.(37)						Delaware	37
Dow International B.V.							Netherlands	100
Dow International Financial Services							Ireland	100
	Dow Capital Public Limited Company						Ireland	100
Dow International Holdings Company(30)							Delaware	82
	Dow International Holdings S.A.						Switzerland	100
		Dow International Holdings General Partnership(26)					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.(11)		Belgium	99
					Rofan Automation and Information Systems B.V.		Netherlands	100
					Terneuzen EPE Train 3 B.V.		Netherlands	100
					Terneuzen Partnership Services B.V.		Netherlands	100
						Valuepark Terneuzen CV(1)(35)	Netherlands	10
					Valuepark Terneuzen Beheer BV(1)		Netherlands	50
						Valuepark Terneuzen CV(1)(35)	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	99
						Dow Automotive (Espana) S.L.	Spain	100

178

			Location*	% Ownership
		Transformadora de Etileno AIE(1)	Spain	50
Dow Chemical OOO			Russia	100
Dow Europe GmbH			Switzerland	100
	Advanced Design Concepts GmbH(1)		Germany	50
	Dolpa S.a.r.l.		Luxembourg	100
	Dow Automotive Romania S.A.		Romania	51
	Dow Automotive South Africa (Pty) Ltd.		South Africa	100
	Dow Contract Services FZE		Dubai	100
	Dow Europe Finance 1 BV		Netherlands	100
	Dow Export GmbH		Switzerland	100
	Dow Mideast Systems (JSC)(2)		Egypt	1
	Sound Alliance GmbH		Switzerland	60
Dow France S.A.S.			France	100
Dow Hellas A.E.			Greece	100
Dow Hungary Kft.(32)			Hungary	99
Dow InterBranch B.V.			Netherlands	100
	Dow Danmark A/S		Denmark	100
	Dow Hungary Kft.(32)		Hungary	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 B.V.B.A.(27)		Belgium	1
	Esti Chem A/S		Denmark	100
Dow Italia S.r.l.			Italy	100
	Dow AgroSciences Italia S.R.L.		Italy	100
	Dow Poliuretani Italia s.r.l		Italy	100
Dow Mideast Systems (JSC)(2)			Egypt	98
Dow Olefinverbund GmbH			Germany	100
	ANGUS Chemie GmbH		Germany	100
		Dow Deutschland GmbH & Co OHG(41)	Germany	30
	BSL 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(41)	Germany	35
	Dow Deutschland Anlagengesellschaft mbH		Germany	100
	Safechem Europe GmbH		Germany	100
		Dow Deutschland GmbH & Co OHG(41)	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.(27)			Belgium	99
Dow (Wilton) Limited			United Kingdom	100

179

						Location*	% Ownership
				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
				Polyol Belgium B.V.B.A.(11)		Belgium	1
Dow Internacional Mexicana S.A. de C.V.						Mexico	100
Dow Investment Argentina S.A.(38)						Argentina	97
	PBBPolisur S.A.(40)					Argentina	72
Dow Kakoh Kabushiki Kaisha						Japan	65
Dow Quimica Argentina S.A.(28)						Argentina	87
Dow Quimica Chilena S.A.(29)						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.(22)						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
		Jakkalsbessie Beleggings (EDMS) Bpk.				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 Group Pension Trustees 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

180

					Location*	% Ownership
			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.(18)					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(30)				Delaware	11
	Dow Investment Argentina S.A.(38)				Argentina	3
	Essex de Hermosillo, S.A. DE C.V.				Mexico	100
	Sound Alliance LLC				Delaware	60
	Wuhan Essex Chemical Co., Ltd.				China	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 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(21)					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
PBBPolisur S.A.(40)					Argentina	28
PT Dow Chemical Indonesia(19)					Indonesia	85
Productos Quimicos Peruanos S.A.(33)					Peru	91
Proresin Inc.					Delaware	100

181

						Location*	% Ownership
	Haltermann Incorporated					Texas	100
		Johann Haltermann Ltd.(34)				Texas	1
	Johann Haltermann Ltd.(34)					Texas	99
Raven Group Ltd.						Delaware	100
RavenWorks Ltd.						Delaware	94
Rofan Services Inc.						Delaware	100
	DH Compounding Company(1)					Delaware	50
	Dow AgroSciences LLC(10)					Delaware	10
	Ion Holdings LLC(21)					Delaware	40
	Mycogen Corporation(17)					California	88
		Agrigenetics, Inc.(45)				Delaware	19
		Dow AgroSciences LLC(10)				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.(39)		India	99
			Dow AgroSciences B.V.			Netherlands	100
				Ambito DAS S.A.(1)		Argentina	50
				Chaco DAS S.A.(1)		Argentina	50
				Terramar JV S.A.(1)		Argentina	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 A.S.		Turkey	100
				Dow AgroSciences Argentina S.A.(23)		Argentina	89
					Dow AgroSciences Bolivia S.A.(44)	Bolivia	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.(44)		Bolivia	98
				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 (NZ) Limited		New Zealand	100
				Dow AgroSciences Pacific Limited		Hong Kong	100

182

					Location*	% Ownership
		Dow AgroSciences Paraguay S.A.			Paraguay	100
			Dow AgroSciences Bolivia S.A.(44)		Bolivia	1
		Dow AgroSciences Polska Sp z.o.o.			Poland	100
			Dow AgroSciences Hungary KFT(20)		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(20)	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(9)			Japan	11
			AgroPartners Corporation		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
		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.(18)				Delaware	21
	DAS Agricultural Investment Holding Company Ltd.				Mauritius	100
		Dow AgroSciences India Pvt. Ltd.(39)			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.(45)				Delaware	81
		Agrigenetics Molokai LLC			Hawaii	100
		Dow AgroSciences Argentina S.A.(23)			Argentina	11
		Mycogen Seeds—Puerto Rico Corporation			Delaware	100
		Mycogen S.A. de C.V.(4)			Mexico	1

183

			Location*	% Ownership
		Mycosub/BA, Inc.	Delaware	100
		Mycosub/BH, Inc.	Delaware	100
		Phytogen Seed Company, LLC	Delaware	54
	Wenben Inc.		Delaware	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
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.(42)		Delaware	11
	Dow Canada Holding LP(43)		Canada	11
	Dow International Holdings Company(30)		Delaware	7
	Dow Quimica Argentina S.A.(28)		Argentina	12
	Dow Quimica Mexicana S.A. de C.V.(22)		Mexico	15
	Dow Venezuela, C.A.(7)		Venezuela	10
	EQUATE Marketing Company E.C.(1)		Bahrain	50
	Global Industrial Corporation		New York	100
	Industrias Carlisil, S.A.		Mexico	100
	KTI Chemicals, Inc.		Delaware	100
	Modeland International Holdings Inc.(31)		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

184

			Location*	% Ownership
		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
		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
	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.(29)	Chile	10
		Productos Quimicos Peruanos S.A.(33)	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.(28)	Argentina	1
		Dow Quimica Chilena S.A.(29)	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.

185

(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 Chemical Japan Limited is 100% of which The Dow Chemical Company owns 89% and Dow AgroSciences B.V. owns 11%.

(10)

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%.

(11)

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%.

(12)

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).

(13)

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%.

(14)

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%.

(15)

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.)

(16)

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%.

(17)

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%.

(18)

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%.

(19)

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%.

(20)

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%.

(21)

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%.

(22)

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%.

(23)

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%.

(24)

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

186

(25)

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).

(26)

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%.

(27)

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%.

(28)

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%.

(29)

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%.

(30)

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%.

(31)

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%.

(32)

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%.

(33)

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%.

(34)

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

(35)

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).

(36)

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%.

(37)

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%.

(38)

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%.

(39)

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%.

(40)

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%.

(41)

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%.

(42)

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%.

(43)

The Dow Chemical Company effective ownership of Dow Canada Holding LP is 100% of which The Dow Chemical Company owns 88.839%; Union Carbide Corporation owns 11.160% and DML Holding Inc. owns 0.001%.

(44)

The Dow Chemical Company effective ownership of Dow AgroSciences Bolivia S. A. is 100% of which Dow AgroSciences B.V. owns 99.98%; Dow AgroSciences Argentina S.A. owns 0.01% and Dow AgroSciences Paraguay S.A. owns 0.01%.

(45)

The Dow Chemical Company effective ownership of Agrigenetics is 100% of which Mycogen Plant Science owns 80.54% and Mycogen Corporation owns 19.46%.

187

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EXHIBIT 21