Kuwait likely to contest US$2 bln Dow Chemical award

28-May-12
Kuwait has vowed to fight a verdict that ordered it to pay more than US$2 billion (Dh7.34bn) to Dow Chemical, as per Thenational.ae. This verdict is one of the largest corporate arbitration awards given in favour of Dow as Kuwait failed to go ahead with a petrochemical venture with the US company. The International Chamber of Commerce's international court ruled that Kuwait has to pay Dow a total of $2.16 bln in damages for pulling out of the US$17.4 bln "K-Dow" joint venture with state-owned Petrochemicals Industries Company (PIC). The venture was unilaterally cancelled as the credit crunch raised financing costs and pushed the global economy into recession, sapping demand for plastics.
  More News  Post Your Comment
{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha