Entity

PBBPolisur Sociedad de Responsabilidad Limitada (PBBPolisur S.R.L.) is an Argentine limited liability company that serves as the operating entity for Dow's integrated petrochemical complex in Bahía Blanca, Argentina. As Dow's sixth-largest subsidiary globally (despite Argentina being only the 24th largest economy), PBBPolisur demonstrates disproportionate strategic importance. 

As an S.R.L. (Sociedad de Responsabilidad Limitada), PBBPolisur operates under Argentina's limited liability company legal framework, which is analogous to an LLC in the United States. This legal form provides liability protection to its owners while offering operational flexibility compared to a full corporation (Sociedad Anónima).

The entity's corporate registration dates reveal a complex evolution:​

• July 18, 1975: Date of the original social contract (incorporation agreement) for a predecessor entity, suggesting PBBPolisur inherited the legal registration from earlier petrochemical operations​
• 1995-2001: Joint ownership between Dow, Repsol YPF, and Itochu Corporation following privatization
• 2001: Formation of the current entity through the merger of Petroquímica Bahía Blanca S.A. (PBB) and Polisur S.A.​
• Post-2001: Conversion from S.A. (corporation) to S.R.L. (limited liability company) structure
• 2001-2005: Dow ownership increased to 72% (with Repsol YPF holding 28%) after merger and Itochu buyout
• 2005-Present: Dow achieved 100% ownership after acquiring Repsol YPF's remaining stake

The transformation from separate entities to the unified PBBPolisur S.R.L. reflects Dow's strategy to consolidate its Argentine polyethylene operations following the privatization of state-owned petrochemical assets in the mid-1990s.

PBBPolisur holds a unique position as Argentina's sole polyethylene producer and the country's largest petrochemical company. This monopoly position in the Argentine PE market, combined with significant export capabilities, makes PBBPolisur a critical player in the South American polyolefins industry.