24 October 2012 17:50 [Source: ICIS news]
HOUSTON (ICIS)--Dow Chemical remains confident it will be paid the $2.16bn (€1.66bn) arbitration award for its failed K-Dow joint venture in Kuwait, the CEO of the US-based chemicals major said on Wednesday.
In May, an arbitration panel awarded Dow the money but ?xml:namespace>
“You would expect an award of this size to be appealed, and it was,” Andrew Liveris told analysts during Dow’s third-quarter results conference call.
Liveris said that “things are moving very much in the methodical, professional, legal jurisdiction they should” while “the interest clock is ticking every single day”.
“We believe there will be payment, no matter what happens in
“Frankly, if Kuwait doesn’t pay this, it will look very bad with respect to any other foreign investment it ever wants to attract into the country, and they know that,” he added.
($1 = €0.77)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections