Dow awarded $2.16 billion in K-Dow arbitration

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.

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