Issue Date: May 13, 2013
Kuwaiti Company Settles Up With Dow
Dow Chemical has been paid $2.2 billion by Petrochemical Industries Co. of Kuwait over the failure of their planned K-Dow joint venture in late 2008. Dow expected to reap $7 billion from forming the joint venture, which would have been made up of the bulk of Dow’s petrochemical operations. The Kuwaiti government scuttled the deal, and Dow turned to the International Chamber of Commerce to arbitrate the dispute. Dow has other ties with PIC, including Equate, a Kuwaiti joint venture that makes ethylene glycol and polyethylene.
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