Post date: Mar 25, 2013 11:55:05 AM

Kuwait's Petrochemical Industries Co (PIC) pulled out of a $17.4 billion joint venture deal in late 2008.

By Reuters March 5, 2013

Dow Chemical Co said an arbitrator has ruled it is owed $2.48 billion by a Kuwaiti firm that scuttled a 2008 joint venture, though it is not clear when the funds will be paid.

The company had expected at least $2.16 billion, and on Monday the International Court of Arbitration of the International Chamber of Commerce ruled at least $318 million in interest and other fees should be added to the amount, Dow Chemical said in a statement.

In late 2008 Dow planned a $17.4 billion joint venture with Petrochemical Industries Co (PIC) of Kuwait, spinning off its basics plastics business into a standalone company called K-Dow.

PIC pulled out of the deal in December 2008, citing a deteriorating global economy. An arbitrator ruled last year that PIC was at fault and owed Dow Chemical $2.16 billion, plus interest and costs.

Read more: http://gulfbusiness.com/2013/03/court-rules-kuwait-venture-to-pay-2-48bn-to-dow-chemical/#.UVA6vBwyZ5E