Huntsman And Sinopec Form Joint Venture To Build And Operate PO/MTBE Facility
In Nanjing, China
THE WOODLANDS, Texas, Nov. 13, 2012
THE WOODLANDS, Texas, Nov. 13, 2012 /PRNewswire/ --Huntsman Corporation
(NYSE: HUN) today announced that it has entered into a joint venture agreement
with Sinopec Jinling Company, a subsidiary of Sinopec. The joint venture,
Nanjing Jinling Huntsman New Materials Co., Ltd. will build and operate a
world scale Propylene Oxide (PO) and Methyl Tertiary Butyl Ether (MTBE)
facility in Nanjing, China. The facility is expected to be completed by the
end of 2014 and it will utilize Huntsman's proprietary PO/MTBE manufacturing
PO is an intermediate compound used to make high value polyurethane materials
ranging from energy efficient home insulation and building materials to
comfort foams for automobiles and furniture. MTBE is a clean burning fuel
additive that improves gasoline engine performance and reduces air pollution.
Huntsman will own 49 percent of the joint venture, and Sinopec will own 51
percent. The facility will produce 550 mm lbs of PO and 1.6 billion lbs of
MTBE at a capital cost of approximately $750 million. Other details of the
joint venture were not disclosed.
Commenting on the agreement, Peter R. Huntsman, President and CEO said, "This
partnership provides a tremendous opportunity for us to further our global
expansion and create shareholder value. We are proud to partner with Sinopec,
a global leader in energy, refining and chemicals."
Huntsman's Polyurethanes division has world scale production facilities in the
U.S., the Netherlands and China, including a PO/ MTBE plant in Port Neches,
Texas and is a global leader in PO technology.
Huntsman is a global manufacturer and marketer of differentiated chemicals.
Our 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 has approximately 12,000
employees and operates from multiple locations worldwide. The Company had 2011
revenues of over $11 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. The
company assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise required by
SOURCE Huntsman Corporation
Contact: Media: Gary Chapman, +1-281-719-4324; Investor Relations: Kurt Ogden,
Press spacebar to pause and continue. Press esc to stop.