For Dow Chemical (Midland, Michigan / USA; www.dow.com), justice was three years in coming, but on 24 May 2012 the international court of arbitration of the International Chamber of Commerce (ICC) ruled in favour of the US group in its breach of contract case against Kuwait's Petrochemical Industries Company (PIC, Sabahiya; www.pic.com.kw). Dow was awarded damages of USD 2.16 bn, not including interest and costs. The case dates back to 2009 when three days before the petrochemical and plastics joint venture K-Dow was scheduled to start trading on 1 January PIC backed out, leaving Dow in the lurch. The court award "brings resolution and closure to the issue," said Dow CEO Andrew Liveris. "We remain focused on continuing to move forward with our transformation and profitable business partnerships - both in Kuwait and around the world" - he added. Active in the Middle East country for nearly 40 years, the US group has two other partnerships there.
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