KUWAIT CITY (AP) -- Kuwait's Commerce and Industry minister says the government of this small oil-rich state is confident it will not have to pay a penalty for withdrawing from a $17.4 billion joint-venture with U.S. giant Dow Chemical Co.
In comments published Thursday in Al-Watan daily, Ahmed Baqer says Kuwait has taken all measures to deal with a possible lawsuit and "avoid" a $2.5 billion break-up fee. He did not elaborate.
Baqer's remarks have been the only official response to a Dow statement Tuesday that it would pursue legal action against its state-owned Kuwaiti partner in K-Dow. Kuwait's Cabinet -- succumbing to lawmaker pressure -- scrapped the K-Dow deal days before its Jan. 1 launch.
Some lawmakers argued it was too expensive given the current economic climate.
