Dow receives US$2.2 bln from Petrochemical Industries Company of Kuwait over scrapped JV

08-May-13

Dow Chemical Co. has received a US$2.2 bln payment from Petrochemical Industries Company of Kuwait, settling a dispute over a scrapped joint venture. An international arbitration court awarded Dow US$2.2 bln in damages stemming from Kuwait's move to withdraw from the joint venture. Petrochemical Industries is a unit of Kuwait Petroleum Corp., which had agreed to form a US$17.4 billion joint venture with Dow called K-Dow Petrochemicals. The venture, however, was scrapped in 2008, days before it was scheduled to launch.