Huntsman Announces Progress on Saudi Ethyleneamines Plant
Company anticipates mechanical completion by November
THE WOODLANDS, Texas, Jan. 28 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced that its ethyleneamines joint venture plant currently under construction in Jubail, Saudi Arabia, is proceeding on schedule and is expected to meet the mechanical completion target of November 2009.
The joint venture, known as Arabian Amines Company, was created by Huntsman and the Al-Zamil Group to construct a world-scale ethyleneamines plant using Huntsman's proprietary technology.
The parties expect the plant to be fully commissioned and in production in the first quarter of next year. The plant will have the capacity to produce approximately 30,000 MT/yr of ethyleneamines, including ethylenediamine (EDA), diethylenetriamine (DETA), triethylenetetramine (TETA) and higher molecular versions. The plant was also designed to enable the economical addition of a second world-scale train within the next several years, which would double the plant's ethyleneamines capacity.
"Once completed, the addition of this plant to our current production capacity will make Huntsman the world's largest ethyleneamines producer. Products from this facility will be sold globally and we believe our technology along with the plant's location in Jubail will bring incomparable global production economics as we meet the ever-growing market demand for these products over the next several years," said Stu Monteith, Vice President of Performance Specialties at Huntsman.
Ethyleneamines are specialty chemicals that serve as end products in the production of the growing wind blade market, agricultural applications, laundry detergents, and lube oil additives for gasoline and diesel engines.
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 2007 revenues of approximately $10 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com.
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.
SOURCE Huntsman Corporation
Released January 28, 2009