MOSCOW (MRC) -- The Lubrizol Corporation and Daelim Industrial announce they have signed a technology license agreement granting Lubrizol the right to use Daelim technology for the manufacture of polyisobutylenes (PIBs), as per Lubrizol's press release.
Daelim is a leading provider of high-quality petrochemical products and services and their technology has high value to Lubrizol, the largest manufacturer of conventional PIB (CPIB).
The Daelim technology can produce a wide range of polyisobutylenes from CPIB to highly reactive PIB (HR-PIB). PIB is a key raw material in the manufacture of Lubrizol's proprietary dispersants.
This agreement is consistent with Lubrizol continuing to renew its additives infrastructure as part of its previously announced 10-year phased investment plan. The plan is designed to upgrade and enhance the company's global capabilities.
"Through this agreement Lubrizol will ensure its access to process technology that offers the company multiple benefits," states Dan Sheets, president of Lubrizol Additives. "It provides Lubrizol formulating flexibility to meet the evolving performance needs of the global lubricant and fuel additives markets over time."
With the agreement signed, Lubrizol will move into the initial engineering phase of the manufacturing project. The expected timing from license agreement to commercial operations at its Deer Park, TX site is projected to be three years minimum.
As MRC informed before, in February 2015, Lubrizol Corporation acquired EcoQuimica Industria e Comercio Produtos Quimica Ltda., a manufacturer and supplier of coatings technology for products sold into decorative paints, textiles, cement, elastomeric coatings and paper coatings.
Daelim Industrial is a construction and petrochemical company that is a part of the Daelim Group hailing from South Korea. As the first Korean company to build petrochemical plants in the Middle East, Daelim continues to expand globally. Daelim builds petrochemical, refinery and power plants in more than 36 countries. Daelim also owns and operates petrochemical plants in South Korea. Daelim manufactures a wide variety of monomer and polymer products such as polyethylene, polypropylene, and many more such as Daelim's conventional and highly reactive polyisobutylene, which is specifically used for fuel and lubricant additives for use in automotive.
The Lubrizol Corporation, a Berkshire Hathaway company, is an innovative specialty chemical company that apart from its production develops and supplies technologies to customers in the global transportation, industrial and consumer markets. Lubrizol is providing innovative solutions for its customers high-performance application needs and remains committed to ongoing investment in its CPVC capabilities that support future growth. With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 8,000 employees worldwide. Revenues for 2014 were USD7 billion.
MRC