Terminating an American contract costs Kuwait $2.5 billion

After the court decided that Kuwait should pay $ 2.16 billion, Dow Chemical sought to determine the interest amount. The International Tribunal of the International Chamber of Commerce (ICC) assessed the interest of the negotiation period of the suit filed by Dow Chemical Company against the Kuwaiti Petrochemical Industries Company (PIC) by 318 million,

so that the total fine of terminating the contract between the two companies becomes 2 billion and $478 million. In 2008, Dow Chemical Company has planned with the Petrochemical Industries Company (PIC) to establish a joint venture, but the latter decided to withdraw. An official at Dow Chemical said that “the interest calculation will continue for Kuwait until full payment.”

ٍSource: Arabian Business

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