In the final arbitration of the long-running dispute between Dow Chemical (Midland, Michigan / USA; www.dow.com) and Petrochemical Industries Company of Kuwait (PIC, Sabahiya; www.pic.com.kw) over the failed joint venture K-Dow, the international court of arbitration of the International Chamber of Commerce (ICC) has released the final award amount. It calls for Dow to receive USD 318m in addition to the USD 2.16 bn announced in May 2012 and brings the full damage award in the breach of contract suit to USD 2.48 bn – see Plasteurope.com of 29.05.2012.

The settlement “will allow Dow to accelerate its priority uses for cash by further strengthening our balance sheet," said CEO Andrew Liveris. The two companies “share a long history and strong partnership,” Liveris said, adding that Dow “fully expects, and we are resolved to ensure, that PIC honors its contractual commitments in a timely manner."