| March 4
March 4 Dow Chemical Co said an
arbitrator has ruled it is owed $2.48 billion by a Kuwaiti firm
that scuttled a 2008 joint venture, though it is not clear when
the funds will be paid.
The company had expected at least $2.16 billion, and on
Monday the International Court of Arbitration of the
International Chamber of Commerce ruled at least $318 million in
interest and other fees should be added to the amount, Dow
Chemical said in a statement.
In late 2008 Dow planned a $17.4 billion joint venture with
Petrochemical Industries Co (PIC) of Kuwait, spinning off its
basics plastics business into a standalone company called K-Dow.
PIC pulled out of the deal in December 2008, citing a
deteriorating global economy. An arbitrator ruled last year that
PIC was at fault and owed Dow Chemical $2.16 billion, plus
interest and costs.
Dow said the decision finalizes the amount in interest and
fees Dow Chemical can expect, but it is unclear when the company
will receive payment.
PIC, a unit of the Kuwait Petroleum Corp, was not
immediately available to comment.
"We are resolved to take appropriate action to ensure timely
payment," Dow spokeswoman Nancy Lamb said. She would not
elaborate on what action Dow Chemical could take.
Shares of Midland, Michigan-based Dow Chemical are down 1.7
percent so far this year, closing Friday at $31.81.