NEWTOWN SQUARE, Pa., Dec. 15 /PRNewswire/ -- ARCO Chemical
Company (NYSE: RCM) announced today that it had reached a conditional
settlement of a dispute with Repsol Quimica, S.A. concerning the use in
Spain of technology for the production of propylene oxide (PO) and styrene
monomer(SM). The dispute has given rise to an arbitration at the
International Chamber of Commerce in Paris and to proceedings by the
Directorate-General for Competition of the European Commission and the Spanish
Bureau for the Defense of Competition. The settlement is conditional in that
it is subject to clearance by these two competition authorities.
If the settlement is cleared by the competition authorities, the
arbitration will come to an end, and the complaints and other filings that led
to the initiation of the competition proceedings will be withdrawn. The
settlement is without prejudice in the event that such clearance is not
obtained. Under the terms of the settlement, Repsol Quimica will be able to
carry out its PO/SM plans in Spain. The remaining terms of the settlement are
confidential.
ARCO Chemical is a worldwide manufacturer and marketer of PO and
derivatives and other intermediate chemicals with its headquarters in Newtown
Square, Pennsylvania, U.S.A. It is the world's largest producer of PO.
SOURCE ARCO Chemical Company
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CONTACT:
Sallie D. Anderson, Manager of
Communications, 610-359-5773, or Sami S. Ahmad, Investor
Relations, 610-359-3171, or Martin Beck, Public Affairs-Europe,
44-1628-775012, all of ARCO Chemical
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
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