logo

You are currently viewing: News

Back

24-05-2012

Dow announces $2.16B award in K-Dow arbitration

The International Court of Arbitration of the International Chamber of Commerce (the “ICC”) this morning released its findings in the arbitration case between The Dow Chemical Company (NYSE: DOW) 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,” said Andrew N. Liveris, Dow’s chairman and chief executive officer. "We remain focused on continuing to move forward with our transformation and profitable business partnerships – both in Kuwait and around the world.”

Dow has been doing business with Kuwait for nearly 40 years. The Company's partnership with Kuwait, which includes several industry-leading joint ventures, remains strong and will continue to benefit both parties. Counsel for Dow was Shearman and Sterling.

Sponsor:

News Category:

Other News Items

SPONSORS