US-based chemical company Lubrizol has signed an agreement with South Korean petrochemical company Daelim Industrial to use its polyisobutylenes (PIBs) production technology.

Under the deal, Lubrizol will implement Daelim’s technology at its Deer Park facility in Texas, US, which is scheduled to enter service in three years.

The technology is designed to produce of a range of PIBs, from the conventional to the highly reactive (HR-PIB), the company said.

PIB is a key compound that is used to produce Lubrizol’s proprietary dispersants.

Lubrizol additives president Dan Sheets said: "Through this agreement Lubrizol will ensure its access to process technology that offers the company multiple benefits.

"It provides Lubrizol formulating flexibility to meet the evolving performance needs of the global lubricant and fuel additives markets over time."

The deal comes in line with Lubrizol’s plan to renew its additives infrastructure under a previously announced ten-year investment plan.

Lubrizol manufactures lubricant additives for engine oils, driveline and other transportation-related fluids, industrial lubricants, and additives for gasoline and diesel fuel.