Canadian Court Orders Nova Chemicals To Pay Additional C$1.62 Bln To Dow In Damages

(RTTNews) - Dow Inc. (DOW) Wednesday said that the court of King's Bench of Alberta, Canada has ordered NOVA Chemicals Corporation to pay additional C$1.62 billion to Dow related to losses incurred by Dow from the companies' jointly owned ethylene asset in Joffre, Alberta, Canada.

The payment is expected in the fourth quarter of 2025.

Previously, Nova had paid C$1.43 billion in damages to Dow following a court order. This follows the court finding that NOVA had failed to operate the jointly owned ethylene asset at full capacity and breached contractual obligations since 2001, leading to the reduction of ethylene to Dow.

On appeal, the court ordered Dow's compensation to be recalculated for the period from 2001 to 2012, as well as for the period from 2013 to June 2018, which had not yet been calculated, the company said in a statement.