An investigation will be conducted into the decision to cancel the K-Dow deal by PIC. PIC (Petrochemical Industries Company in Kuwait) has to abide by the court decision, and is liable for the damages, as per a senior energy official to Kuwait Times. The cost of the cancellation is not only the US$2.16 billion but also a US$3 billion worth in lost opportunity from the money that Kuwait could have made on the deal. The cancellation of the deal has led to considerable damage both economically and politically to Kuwait in the international market.
On May 24, the International Chamber of Commerce’s international court ruled against Kuwait’s Petrochemical Industries Company in favor of Dow Chemical Co., a verdict estimated at US$2.16 bln for the cancellation of a major petrochemicals joint venture between the two companies in 2008.