SUBSCRIPTION WEDNESDAY, MAY 8, 2013 JAMADA ALTHANI 28, 1434 AH www.kuwaittimes.net 20 dead Man City in Mexico edge gas tanker West Brom truck blast7 20 Dow receives $2.2bn in Max 36º Min 20º damages from Kuwait High Tide 10:48 & 23:57 Low Tide Amount does not include $300m interest for payment delay 04:52 & 17:38 40 PAGES NO: 15802 150 FILS KUWAIT: Kuwait’s state-owned Petrochemical conspiracy theories Industries Co (PIC) said yesterday it reached a final set- tlement with US giant Dow Chemical and paid around $2.2 billion as a penalty for scrapping a joint venture. PIC said in a statement cited by the official KUNA news As usual, agency that the amount did not include $300 million of interest for delaying the payment awarded a year ago. “The settlement stipulates that PIC pays the value of halfway damages and costs as per the ruling of the International Chamber of Commerce (ICC) without the interest of $300 million,” the statement said. solutions The US company said on its website that it has received the cash payment, which “reflects the full dam- ages awarded by the ICC, as well as recovery of Dow’s costs”. PIC confirmed it had made the payment and that it had “exhausted all possible challenges to the award”. Last May, the ICC acting as an international arbitration granted Dow Chemical around $2.2 billion in compen- By Badrya Darwish sation for Kuwait pulling out of the $17.4 billion ven- ture. “Dow and Kuwait share a long history, and payment of this award brings final and appropriate resolution and closure to the issue,” Andrew Liveris, Dow chairman CLEVELAND, Ohio: Amanda Berry (center) is reunited with her sister
[email protected] and chief executive officer said in a statement.