Dow awarded $2.16 billion in K-Dow arbitration

4:28 AM, 25th May 2012

Dow awarded $2.16 billion in K-Dow arbitration

Andrew N Liveris, Chairman and CEO, Dow.

MIDLAND, US/SAFAT, KUWAIT: The International Court of Arbitration of the International Chamber of Commerce (ICC) released its findings in the arbitration case between The Dow Chemical Company and Petrochemical Industries Company of Kuwait (PIC) relating to the K-Dow transaction. The ICC award holds that PIC was liable, and awards damages to Dow of $2.16 billion, not including interest and costs.

Dow and PIC mutually agreed to resolve their contractual disputes through arbitration before the ICC, which is comprised of preeminent legal experts with experience in high-value commercial litigation. The award is final and binding. “This outcome brings resolution and closure to the issue. We remain focused on continuing to move forward with our transformation and profitable business partnerships, both in Kuwait and around the world,” said Andrew N Liveris, Chairman and CEO, Dow.

0 Comments

Your Comments (Up to 2000 characters)

Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Submit

LUDWIGSHAFEN, GERMANY/SINGAPORE: Dr Marc Jung has been appointed as Head of Global Research Centre, Singapore. He succeeds Dr Florian Doetz who has ta ...

Albemarle opens shared services centre in China

DALIAN, CHINA: Albemarle Corporation opens its Asia-Pacific shared services centre in Dalian, China. Known as Albemarle’s Asia-Pacific Centre of ...

PPG grants $25,000 for Akron University’s student-focused initiatives

AKRON, US: The PPG Industries Foundation has pledged a total of $25,000 in 2012 to benefit three student-focused initiatives of The University of Akro ...

Jacobs bags Ma’aden’s phosphate project in Saudi Arabia

PASADENA, US: Jacobs Engineering Group Inc was awarded a contract by Saudi Arabian Mining Company (Ma’aden) to provide a bankable feasibility st ...

Bayer, BAM develop plastics having memory

LEVERKUSEN, GERMANY: A new thermoplastic polyurethane (TPU) developed by Bayer MaterialScience together with the BAM Federal Institute for Materials R ...

PotashCorp to cut 150 jobs at phosphate facility in Aurora

AURORA, US: PCS Phosphate Company (PotashCorp) is reducing staffing levels at its phosphate facility by approximately 150 full-time positions, about 1 ...