Kuwait to reject USD2.16b Dow lawsuit award
29 May 2012
(MENAFN) Kuwait is attempting to fight the International Chamber of Commerce’s ruling that they have to pay American-based Dow Chemical a total of USD2.16 billion in damages after abandoning the 2008 K-Dow petrochemicals joint venture, reported The National.
Pulling out of K-Dow is one of the many joint ventures abandoned by Kuwait.
The USD17.4 billion K-Dow joint venture between Dow Chemical and Petrochemicals Industries Company (PIC) was cancelled because of the global recession that plummeted demand for plastics.
The new oil minister, Hani Abdul Aziz Hussein is one of the new faces of the government. Four governments in the past six years have been removed, so hopes of attracting foreign investors in a volatile political environment rest in the hands of the most recent government and Hussein.