The Dow Chemical Company Wins $2.16 Billion In Kuwait Arbitration-Reuters

Reuters reported that an arbitrator ruled Kuwait's state-run chemical company must pay Dow Chemical Co $2.16 billion for wrongly canceling a planned plastics joint venture in 2008, Dow said on Thursday. The International Chamber of Commerce's International Court ruling against Petrochemical Industries Co (PIC) of Kuwait is final and binding and believed to be one of the largest ever arbitration awards, according to Dow's law firm, Shearman and Sterling LLP. Kuwait pulled out of the $17.4 billion K-Dow petrochemical joint venture as the global economy sunk into a deep recession nearly four years ago and triggered charges from Dow that it had violated agreements. PIC, a unit of the Kuwait Petroleum Corp, said it was considering its legal options. Dow and PIC currently operate four other joint ventures, including ME Global, EQUATE, Kuwait Olefins Co and Kuwait Styrene Co.