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SABIC and ExxonMobil reach a full settlement of Their disputes

Source: www.gulfoilandgas.com 9/29/2006, Location: Middle East

The Saudi Basic Industries Corporation (SABIC) announces that it has reached a full and final settlement of its disputes with ExxonMobil arising from technology and patent that can be used in the production of polyethylene. Pursuant to the settlement, SABIC and its worldwide affiliates will have the right to use the technology royalties -free and will equally share in any third-party royalties from the past or future licensing of the technology by ExxonMobil.

All disputes and litigations between SABIC and its partner ExxonMobil have thus been fully and finally settled.

The partners value their long-term business relationship and will continue to focus on their successful ventures in the Kingdom and to explore opportunities to expand on that success.

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