04 March 2013 18:29 [Source: ICIS news]
NEW YORK (ICIS)--US-based Dow Chemical fully expects Kuwait’s Petrochemical Industries Company (PIC) to pay the $2.48bn (€1.91bn) judgment a global arbitration panel awarded to Dow for PIC’s withdrawal from their proposed K-Dow joint venture in 2008, a spokesperson said on Monday.
The International Court of Arbitration of the International Chamber of Commerce (ICC) released the final award amount on Monday, consisting of the partial award of $2.16bn announced in May 2012, plus $318m in interest and costs.
“ICC arbitration is the most recognised and respected judicial body to resolve major international commercial disputes, and its awards are subject to enforcement in courts around the world,” said Dow spokesperson Nancy Lamb.
“Our experience with Kuwait is that they always honor their legal commitments related to international arbitration proceedings,” she added.
PIC is owned by the government of Kuwait.
Dow would not comment on when PIC would have to pay the award.
“We have every reason to believe Kuwait will honor the decision, and therefore do not have any indication that PIC does not plan to pay the awards,” said Lamb.
“We will take appropriate action to ensure timely payment, and we are resolved in our efforts to ensure that PIC honors its contractual and international business commitments,” she added.
Dow stated that the ruling was the last step in the arbitration process, bringing the process to a close.
“Both awards [partial and final] are binding and non-appealable,” it said.
($1 = €0.77)
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