Dow Chemical to Seek Damages of 2.5 Billion for Breach of Contract from PIC

摘要

Pointing out that The Dow Chemical Company had been informed verbally on 28 December that Kuwait's Supreme Petroleum Council (SPC) had "without justification, buckled under political pressure and reversed its prior approval of the commercial binding and definitive agreement" between Dow and Petrochemical Industries Company (PIC), a subsidiary of state-owned Kuwait Petroleum Corporation (KPC), on the formation of their planned joint venture, K- Dow, the Chief Executive Officer of the U.S. group, Mr. Andrew N. Liveris, declared that Dow was going to sue PIC for damages of more than 2.5 billion.