Press Release
Huntsman Corp. Release date: December 12, 2007
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. |
