Huntsman, Al-Zamil Joint Venture Achieves Milestones
The Woodlands, TX – Huntsman Corporation (NYSE: HUN) and Saudi-based Al-Zamil Group today announced three significant milestones in their joint venture, to be named the Arabian Amines Company: the venture, which will construct a world scale 27,000 MT/yr ethyleneamines plant in Jubail, Saudi Arabia, has been formally approved by the boards of both Huntsman Corporation and the Al-Zamil Group; they have selected Hyundai Engineering Co. Ltd and Hanwha Engineering and Construction Corporation as the Engineering, Procurement and Construction (EPC) contractors for the project; and, in addition, they have received initial approval from the Board of Directors of the Saudi Industrial Development Fund (SIDF).
The planned facility will utilize proprietary ethyleneamines process technology provided by Huntsman. The plant is scheduled to break ground in early 2008 and start up in January of 2010. Funding for the new plant will come from the joint venture’s equity capital, supported by senior debt, which will include loans from the SIDF and commercial lenders.
Huntsman will license its technology to the joint venture for use in the plant and will also serve as the exclusive sales and marketing agent for the venture’s output, much of which will be sold in Asia.
His Excellency Eng. Abdul Aziz Al-Zamil, Vice Chairman and CEO of the Al Zamil Group, and Mr. Peter R. Huntsman, President and CEO of Huntsman Corporation, meeting together while attending the Gulf Petrochemicals and Chemicals Association forum in Dubai, UAE, both expressed their satisfaction in the project’s advancement and their confidence in this strategic investment for both companies.
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated 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, for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide. The Company had 2006 revenues of over $13 billion. For more information about Huntsman, please visit the company’s website at www.huntsman.com.
Forward Looking Statements:
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 U.S. 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. In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or 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 applicable laws.