MIDLAND, Mich. (Legal Newsline) - Dow Chemical Company announced Thursday that the International Court of Arbitration of the International Chamber of Commerce issued its findings in the arbitration case between it and Petrochemical Industries Company of Kuwait.
The case relates to the K-Dow transaction. It awards damages to Dow of $2.16 billion, not including interest and costs.
K-Dow was a proposed $17.4 billion, multinational 50/50 joint venture between Dow and PIC. The project was cancelled and Dow sued using a clause in the contract. The ICC says that PIC was liable. The two companies mutually agreed to resolve their contractual disputes through ICC arbitration.
The ICC 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."
According to Dow, it has been doing business with Kuwait for nearly 40 years. Its partnership with Kuwait, which includes several industry-leading joint ventures, remains strong and will continue to benefit both parties, the company said.