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)
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