Kuwait ready to counter legal action by Dow to avoid break fee of up to US$2.5 bln

09-Jan-09
Kuwait seems to be prepared to counter any legal action by Dow Chemical to avoid paying a break fee of up to US$2.5 bln. This situation has arisen because of cancellation of a petrochemicals joint venture by Kuwait with Dow after parliament voiced opposition, just weeks after signing the deal. Post-cancellation, Dow plans to take legal action against Petrochemical Industries Co (PCI) which was to contribute US$7.5 billion for its stake in the project. Dow will need a court ruling proving that Kuwait had violated the deal to qualify for a break fee, as per the agreement.
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