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FINANCIAL NEWS
Kuwait’s PIC agrees to compensate Dow Chemical for scrapped K-Dow
30 Aug 2012
(MENAFN) Petrochemical Industries Co (PIC), a unit of Kuwait Petroleum Corp (KPC), has agreed to compensate Dow Chemical Co for cancelling a joint project in 2008, Reuters reported.
This came after International Chamber of Commerce’s International Court ruled a compensation sum of USD2.16 billion to the US group in May.
Dow’s law firm Shearman and Sterling said at the time that it was one of the largest arbitration awards ever made and that the court’s decision was final. PIC is a unit of state-run Kuwait Petroleum Corp.
Kuwait has dropped the USD17.4 billion K-Dow joint venture with Dow Chemical as the global economy sunk into a deep recession nearly four years ago.
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