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Saturday, 18 May 2013

Kuwait suspends executives over Dow Chemical payment |

"Kuwait’s cabinet suspended on Thursday several senior oil executives over a $2.2 billion penalty paid to Dow Chemical for scrapping a joint venture and ordered a judicial investigation into the matter, an official statement said.
The decision was taken at an extraordinary meeting, which also decided to appoint a new chief executive officer for national oil conglomerate Kuwait Petroleum Corp (KPC), the statement said.
The cabinet decided to “take the necessary measures to suspend senior officials at (state-owned) Petrochemicals Industries Co (PIC),” which arranged the joint project with Dow Chemical before it was scrapped by the government in December 2008."

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