Issue Date: May 28, 2012
Dow Wins Award In Kuwait Project Case
The International Court of Arbitration has determined that Petrochemical Industries Co. (PIC) of Kuwait is liable in a dispute with Dow Chemical and must pay $2.16 billion, not including interest and costs. The companies’ dispute began in 2009 after PIC backed out of an agreement to purchase half of Dow’s petrochemical business for $7.5 billion. Both firms agreed to resolve the dispute through arbitration before the court, part of the International Chamber of Commerce. Dow says the award is final and binding, although it won’t disclose when the payment will be made. “This outcome brings resolution and closure to the issue,” says Dow CEO Andrew N. Liveris.
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