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Regions :: Middle East :: Kuwait

Dow awarded final $2.2 billion payment in K-Dow arbitration

12:10 PM MDT | May 7, 2013 | Lindsay Frost

The final resolution has been completed in the K-Dow arbitration between Dow Chemical and the Petrochemical Industries Company (PIC; Kuwait City, Kuwait), with Dow confirming today that it has received a direct cash payment of $2.2 billion from PIC. The money was awarded to Dow by the International Chamber of Commerce's (ICC) international court, which last year ruled against PIC for pulling out of the $17.4-billion K-Dow petrochemical joint venture in 2008 amid the global economic crisis. “Dow and Kuwait share a long history, and payment of this award...

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