Michigan-based Dow Chemical is seeking several billion dollars from the government of Kuwait after the Middle Eastern nation withdrew from a joint venture to open a chemical company in the region.
 

Dow said it will seek damages from Kuwait in court and in the International Chamber of Commerce in London, as specified in the canceled agreement. Damages aren’t limited to the $2.5 billion termination fee, Liveris said.

“We are seeking multiple billions of dollars in remedy, and we will pursue all legal options to get that,” he said in the interview. “That’s what I consider the minimum. There is a breach of a commercial contract.”

Kuwait canceled the venture on Dec. 28 after the government came under pressure from opposition lawmakers to scrap the deal, which they said was overpriced amid falling oil prices.

The Kuwaiti government says their withdrawal was allowed by the contract that was signed. Dow is now seeking new partners for the project.