Saturday 26 May 2012

Kuwait group eyes options after $2.16 bln Dow ruling | Reuters

Kuwait's state-run chemical company said it was studying its legal options after an international arbitrator ruled it must pay Dow Chemical Co $2.16 billion for wrongly cancelling a planned plastics joint venture in 2008.

The ruling against Petrochemical Industries Co (PIC) by the International Chamber of Commerce's International Court is believed to be one of the largest-ever arbitration awards, according to Dow's law firm, Shearman and Sterling LLP.

"The company's management is discussing with lawyers all of the legal proceedings that are available," state-run news agency KUNA said, citing a statement by PIC's chairman and managing director Maha Mulla Hussain.

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