The International Chamber of Commerce (ICC) on Thursday
found the Petrochemical Industries Company of
Kuwait (PIC) liable in the arbitration case relating to the
2008 collapse of the planned K-Dow venture.
The International Court of Arbitration awarded damages to Dow
of $2.16 billion, not including interest and costs, the company
Dow and PIC said they mutually agreed to resolve their
contractual disputes through arbitration before the ICC, which
is comprised of preeminent legal experts with experience in
high-value commercial litigation.
The award is final and binding.
This outcome brings resolution and closure to the
issue, said Andrew N. Liveris, Dows CEO. "We remain
focused on continuing to move forward with our transformation
and profitable business partnerships - both in Kuwait and
around the world.
Kuwait ruled in December 2008, at the peak of the global
recession, that PIC should withdraw from the planned olefins
and polyethylene joint venture.
Dow noted that it has done business with Kuwait for nearly
The company's partnership with Kuwait, which includes
several significant joint ventures, remains strong and
will continue to benefit both parties, the company said.