04 March 2013 15:15 [Source: ICIS news]
LONDON (ICIS)--Dow Chemical has won an interest and costs award of $318m (€245m) relating to its damages claim against Petrochemical Industries Company of Kuwait, the US chemical company said on Monday.
The International Chamber of Commerce (ICC) released the final award amount on Monday in the arbitration case between the parties on their failed K-Dow venture.
An award in the dispute between the two companies of $2.16bn was made last May. Full damages awarded to Dow equal $2.48bn, Dow said in a statement.
“This is the last step in the disciplined arbitration process, bringing the process to a close. Both awards (partial and final) are binding and non-appealable,” it added.
The total award amount is subject to interest until Dow receives payment.
"Dow and Kuwait share a long history and strong partnership, and this award ruling brings suitable closure to the arbitration process. The Dow team fully expects, and we are resolved to ensure, that PIC honours its contractual commitments in a timely manner," the US company said.
($1 = €0.77)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections