Kuwait Seeks to Reduce Fine Imposed for Pulling Out of K-Dow Venture

The Kuwaiti government held an extraordinary meeting with members of the country's supreme petroleum council yesterday to discuss the recent court ruling that awarded $2.16 billion in damages to Dow Chemical, in an arbitration case between Dow and Petrochemical Industries Co. of Kuwait (PIC) related to PIC’s earlier decision to pull out of the companies' proposed K-Dow joint venture. The International Court of Arbitration of the International Chamber of Commerce (ICC) ruled in Dow’s favor on May 25.   A statement issued by Kuwait's deputy premier...

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