Kuwait likely to contest US$2 bln Dow Chemical award

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.
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