Daelim Corp., one of South Korea's major petrochemical firms, said Sunday it has clinched a deal to supply its patented technology to a U.S. chemical company, marking the first time for a local business here to win a licensing agreement in the world's No. 1 economy.

Under the agreement, Daelim will grant Lubrizol Corp. the rights to use its technology for producing both commodity polybutene and high reactivity polybutene at a single plant, according to the South Korean firm.

Polybutene is used in making additives for lubricants, such as engine oils, and gasoline.

The financial terms of the contract were not disclosed.

The latest deal marks the first time for a South Korean firm to export petrochemical technology to the United States, Daelim said.

Lubrizol, which is currently the No. 1 producer of lubricant additives, will apply Daelim's technology at its manufacturing plant in Houston. (Yonhap)