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Chemical Week Magazine :: Business & Finance :: United States/Americas
Dow awarded final $2.2-billion payment in K-Dow arbitration
1:07 PM MDT | May 21, 2013 | —Lindsay Frost
A 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 on 7 May that it had 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 says the cash payment includes damages as well as recovery of...
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