Kuwait's state-run chemical company must pay Dow Chemical Co $2.16 billion under an arbitrator's ruling for wrongly cancelling a planned plastics joint venture in 2008, Dow said on Thursday.
The ruling against Petrochemical Industries Co (PIC) of Kuwait by the International Chamber of Commerce's International Court is final and binding. It is believed to be one of the largest-ever arbitration awards, according to Dow's law firm, Shearman and Sterling LLP.
Kuwait pulled out of the planned $17.4 billion "K-Dow" petrochemical joint venture as the global economy sunk into the deep recession nearly four years ago, triggering charges from Dow that the move violated its agreements.
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