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Kuwait's PIC awaiting government directive to pay Dow compensation
- Kuwait: Tuesday, March 05 - 2013 at 05:43
Petrochemical Industries Co, a unit of state-owned Kuwait Petroleum Corp, has said it is waiting for a directive from the Kuwaiti government on compensation to Dow Chemical Co, after the US company said it expected to receive $2.5bn for a cancelled joint venture. Dow has demanded compensation after Petrochemical Industries cancelled, under pressure from Kuwaiti lawmakers, a 2008 agreement to buy a stake in Dow's plastics business. A final award, increasing the payment to $2.5bn with interest and costs, should be released in February, Dow said on January 31.
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