Shanghai, PRC, October 18, 2006 – Huntsman Corporation (NYSE: HUN) today announced the successful commissioning and move to commercial operation of its MDI (diphenylmethane diisocyanate) plants, part of the integrated isocyanates complex at the Shanghai Chemical Industry Park, China, which it operates with local partners and BASF.
The commencement of the commercial operation of the plants is in line with company planning, the operational rates are rapidly building in line with the start-up plan and MDI products are being processed and supplied to the Chinese market by the downstream splitting and prepolymer units in Huntsman Polyurethanes Shanghai.
“For a major, world scale plant in an all new integrated chemical park this has been a world class performance by all involved, and with continued progress we can confidently expect full design capacity to be delivered throughout 2007 and beyond,” said Peter R. Huntsman, President and CEO of Huntsman Corporation, speaking at Huntsman’s Asia Pacific Customer Conference in Shanghai.
Anthony P. Hankins, President of Huntsman’s Polyurethanes Division, added “This milestone has involved true teamwork, with our existing operations around the world working very closely together with our new partners and Chinese associates. They have achieved an excellent EHS record in this project and we will continue to operate the plants to the highest global standards.”
Huntsman’s investment in the integrated isocyanates complex extends over two separate joint ventures:
Huntsman Polyurethanes Shanghai Ltd. - An MDI finishing plant and a prepolymers plant built by Huntsman and Shanghai Chlor-Alkali Chemical Co. Ltd.
Shanghai Lianheng Isocyanate Co. Ltd. - A 240,000 metric tons per year crude MDI manufacturing plant including manufacturing facilities for the precursors aniline and nitrobenzene built by Huntsman, BASF, Shanghai Hua Yi (Group) Company, Shanghai Chlor-Alkali Chemical
Co. Ltd. and Sinopec Shanghai Gao Qiao Petrochemical Corporation.
Huntsman is a global manufacturer and marketer of differentiated and commodity chemicals. Its operating companies manufacture products for a variety of global industries including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, 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 15,000 employees and 78 operations in 24 countries. The Company had 2005 revenues of $13 billion.
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.
Media Contact: Russ Stolle; Tel: +1 281 719 6624
Investor Relations Contact: John Heskett; Tel: +1 801 584 5768