The oil group ENI and the American company DOW CHEMICAL will carry out a huge share swap. According to the terms of the agreement, ENI will sell the polyurethane division of its chemical subsidiary ENICHEM for a total of EUR 400 million. This division represents a turnover of USD 500 million. The Italian group will acquire, in exchange, the 50% stake held in UNION CARBIDE (in the process of merging with DOW CHEMICAL) in the joint venture POLIMERI EUROPA (turnover of EUR 1.8 billion in 2000), one of the European leaders in the production of polyethylene, for EUR 204 million.