IHS Chemical Week

EnviroTech :: Regulatory

Dow Launches Arbitration Proceedings Against PIC

10:19 AM MST | March 2, 2009 | ROBERT WESTERVELT

Dow Chemical formally launched arbitration proceedings last week to settle a dispute related to the failure of Kuwait’s Petrochemical Industries Co. (PIC) to complete an agreement to acquire a 50% stake in certain Dow petrochemical assets for $7.5 billion, according to a recent Dow SEC filing. Dow is seeking more than $2.5 billion in damages, the report says. The company initiated arbitration proceedings against PIC on February 18, one week after the expiration of a 30-day negotiation period aimed at resolving the dispute outside of arbitration. The...

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