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Regions :: Middle East

Report: Kuwaiti cabinet suspends PIC officials pending K-Dow investigation

8:55 AM MDT | May 17, 2013 | Francinia Protti-Alvarez

Senior officials of Petrochemical Industries Co. (PIC; Kuwait City, Kuwait), a subsidiary of Kuwait Petroleum Corp. (Kuwait City), are to be suspended pending an inquiry into the payment of $2.2 billion to Dow Chemical following a decision in an emergency cabinet meeting chaired by Prime Minister Sheikh Jaber Mubarak Al Hamad Al Sabah on 16 May, according to a report from news agency Kuna. PIC paid $2.2 billion to Dow earlier this month; the payment was related to the aborted K-Dow petrochemicals joint venture between the 2 companies, as reported by CW. The PIC...

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