MIDLAND — Dow Chemical Co. (NYSE: DOW) said Tuesday that it has completed final resolution of the K-Dow arbitration with Petrochemical Industries Co. of Kuwait (PIC).

Dow also said it had received a direct cash payment of $2.2 billion from PIC.

The company said the payment reflects the full damages awarded by the International Chamber of Commerce, as well as recovery of Dow’s costs. The total award was raised from $2.16 billion to $2.48 billion in March.

PIC cancelled a contract to buy 50 percent of Dow’s plastics business in December 2008, depriving Dow of a $9 billion payment, which almost derailed Dow’s 2009 purchase of Rohm and Haas.

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