|Date: 28/05/2012 Time: 12:02:00 AM
The Kuwaiti government met with members of the
supreme petroleum council Sunday evening to discuss ramifications of a court
ruling regarding what was known as K-Dow contract between state-owned
Petrochemical Industry Company (PIC) and American Dow Chemicals.
Oil Minister Hani Hussein and executives at the PIC and Kuwait Petroleum
Corporation (KPC) briefed the cabinet members, during the extraordinary
meeting, about the background of the K-Dow contract, and explained the
"strategic importance" of the deal, according to a statement by deputy premier
and foreign minister Sheikh Sabah Khaled Al-Hamad Al-Sabah.
The oil sector officials also talked about measures taken towards signing
the contract, as well as consequences resulted from the cancellation of the
contract, said Sheikh Sabah, also minister of state for cabinet affairs.
A Michigan-based International Chamber of Commerce (ICC) arbitration court
issued a multi-billion-dollar ruling in favor of Dow Chemicals because of the
cancellation of the contract.