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FINANCIAL NEWS
Dow wins additional USD318m compensation from Kuwait’s PICK
05 Mar 2013
(MENAFN) Dow Chemical Co. has won a further USD318 million in an arbitration case with Petrochemical Industries Co. of Kuwait (PICK), Saudi Gazette reported.
The additional award is linked to a dispute over a canceled multibillion-dollar joint venture in 2008.
Which this award, the arbitration case, before the International Court of Arbitration (ICA) of the International Chamber of Commerce, Dow gets the last portion of its total compensation amount of USD2.48 billion.
In December 2008, Dow said Kuwaiti officials informed it the Gulf country was backing off a deal under which the state-owned petroleum company was to pay Dow Chemical USD7.5 billion for a 50 percent stake in several chemical plants.
The decision nearly derailed the chemical company’s efforts to complete a USD15.3 billion purchase of Rohm & Haas Co., which makes coatings and electronic materials.
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