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Dow Chemical Co Announces Closure Of Proceedings In K-Dow Arbitration

Monday, 4 Mar 2013 08:11am EST 

The International Court of Arbitration of the International Chamber of Commerce announced the final award amount, representing interest and costs, in the arbitration case between The Dow Chemical Company and Petrochemical Industries Company of Kuwait (PIC) related to the K-Dow transaction. The final interest and costs awarded to Dow totals $318 million, as of March 4, 2013, and is in addition to the partial award of $2.16 billion announced last May - resulting in full damages awarded to Dow equal to $2.48 billion. This is the last step in the disciplined arbitration process, bringing the process to a close. Both awards (partial and final) are binding and non-appealable. The total award amount is subject to continuing interest until Dow receives payment. Counsel for Dow is Shearman & Sterling. 

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