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Dow Chemical and PIC Set for Arbitration Hearing?

10:38 PM MST | January 17, 2010 | Natasha Alperowicz

Dow Chemical and its Kuwaiti partner have set a date for a London arbitration hearing, according to a report in the Middle East Economic Digest. Dow is seeking more than $2.5 billion in compensation from Petrochemical Industries Co. (PIC; Safat, Kuwait) over PIC's decision at the end of 2008 to pull out of their planned $17.4 billion joint venture, K-Dow. In February 2009, Dow notified the U.S. Securities and Exchange Commission that it had initiated arbitration proceedings against PIC, alleging that PIC had breached its agreement by failing to close the deal on...

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