Huntsman and Al-Zamil Announce Planned Construction
of New Ethyleneamines Plant
Tuesday June 28, 6:41 pm ET
THE WOODLANDS, Texas, June 28 /PRNewswire-FirstCall/ -- Huntsman Corporation and the Al-Zamil Group of Riyadh, Saudi Arabia announced today that they have signed a memorandum of understanding to form a joint venture to build a world-scale ethyleneamines manufacturing facility in Jubail Industrial City, Saudi Arabia.
The 66 million pound (30,000 metric ton) plant will produce ethylenediamine (EDA), diethylenetriamine (DETA), triethylenetetramine (TETA) and higher molecular weight versions such as TEPA, E-100, AEP and piperazine. The products serve as specialty intermediates for a variety of end uses including epoxy curing agents, bonding agents and lube-oil additives for gasoline and diesel engines. The companies anticipate the plant being on line in 2008.
Huntsman and Al-Zamil Group will have equal ownership in the facility. The joint venture will license Huntsman's proprietary technology that the company has optimized in its U.S. plants. Huntsman will serve as the exclusive sales and marketing arm for the joint venture and will provide technical service and product applications assistance.
Huntsman Vice President of Performance Specialties, Stewart Monteith, commented, "This investment will help meet the growing global demand for ethyleneamines, especially in the Asia Pacific region. It is a critical component of our growth strategy for our amines portfolio. We could not be more pleased with Al-Zamil's desire to join us in this dynamic business."
The Al-Zamil Group of Companies and Huntsman also are partners in a maleic anhydride - butanediol manufacturing facility in Saudi Arabia. The GACIC joint venture produces precursors for Spandex® woven fibers.
Huntsman is a global manufacturer and marketer of commodity and differentiated chemicals. Its operating companies manufacture basic products for a variety of global industries including chemicals, plastics, automotive, aviation, footwear, paints and coatings, construction, technology, agriculture, health care, textiles, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging, and later, rapid and integrated growth in petrochemicals, Huntsman today has revenues of $11.5 billion, 11,300 employees and 62 operations in 22 countries.
Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. Accordingly, there can be no assurance that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Source: Huntsman Corporation
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