22 May 2003 23:27 [Source: ICIS news]
HOUSTON (CNI)--Chevron Phillips Chemical (CPChem) and ExxonMobil Chemical said Thursday they will exchange loop slurry technology in a deal that will establish CPChem as the exclusive licensor for both companies' loop slurry process technology.
Financial terms of the agreement were not disclosed.
As part of the arrangement, ExxonMobil Chemical gains additional rights to use CPChem's technology at ExxonMobil's Baton Rouge, Louisiana facility and in other defined areas.
The loop slurry process technology covered by the exchange agreement was first developed by one of CPChem's owners, ConocoPhillips. The process produces high reactor throughput at reduced capital investment and operating costs, CPChem noted.
CPChem said the cross-licensed technology is adaptable to advanced catalysts including metallocenes and dual-site catalyst systems for single-reactor bimodal resins. The production technology also is applicable, said CPChem, to various densities of polyethylene (PE).
Duration of the exchange agreement was not specified.
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