Michigan-based Dow Chemical will get US$2.48 billion from Petrochemical Industries Co. of Kuwait for a canceled joint venture.

The arbitration panel of the International Chamber of Commerce came out with the ruling after Petrochemical Industries, a unit of state-owned Kuwait Petroleum Corp. quashed a contract to form K-Dow, a 50-50 venture with Dow’s plastics unit, in 2008.

The preempted venture deprived Dow of aUS$9 billion payment during the financial crisis, almost derailed its 2009 purchase of Rohm & Haas Co. and prompted the company’s first dividend cut.

The panel also added interest and costs to last year’s US$2.16 billion award for a final total of US$2.48 billion..

Until payment is received, interest will continue to accrue, Dow said. Meanwhile, Petrochemical Industries said it was awaiting the final award and direction from the Kuwaiti government before releasing the payment.