Dow Chemical Co. said it has received $2.2 billion as damages from Kuwait's state-run chemicals company, a year after an arbitrator told Petrochemical Industries Co. to pay up for canceling a planned plastics joint venture in 2008.

The International Chamber of Commerce's International Court ruled against Petrochemical Industries for pulling out of the $17.4 billion "K-Dow" petrochemical joint venture as the global economy sunk into a recession.

"Receipt of this award enables Dow to accelerate actions that are in line with our stated priorities for uses of cash — foremost of which is paying down debt and remunerating shareholders," Chief Executive Andrew Liveris said in a statement.

The cash payment includes damages as well as recovery of its costs, Dow Chemical said.

Dow Chemical's shares were up about 1 percent at $34.23 on the New York Stock Exchange in early trading on Tuesday morning.