28 February 2013 22:58 [Source: ICIS news]
HOUSTON (ICIS)--Dow Chemical is still awaiting an estimate of how much it will receive in arbitration costs and in interest payments in connection to its K-Dow case, the US-based producer said on Thursday.
Kuwait ruled in December 2008 that PIC should withdraw from the planned joint venture.
Dow and PIC had agreed to resolve their contractual disputes through the International Chamber of Commerce's (ICC) International Court of Arbitration.
In 2012, a partial award of $2.16bn (€1.64bn) was announced in favour of Dow. However, it excluded arbitration costs and interest payments.
A final award would include costs and interest payments.
Dow said it expects to learn the size of that final award in the near future. Altogether, the two awards should total nearly $2.5bn, with interest accruing until payment is received.
"Dow has been doing business with Kuwait for nearly 40 years, and shares a historic 18-year manufacturing partnership with Kuwait," the company said in a statement. "We have every reason to believe that PIC will honour its contractual and international business commitments."
($1 = €0.76)
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