Sabic and ExxonMobil reach full settlement of disputes

30-Sep-06

Saudi Basic Industries Corporation (Sabic) has reached a full and final settlement of its disputes with ExxonMobil that had arisen from technology and a patent that can be used in the production of polyethylene. As per the settlement, Sabic and its worldwide affiliates will have the right to use the technology royalties for 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.