Huntsman, Al-Zamil Joint Venture Breaks Ground on New Plant
THE WOODLANDS, Texas, April 29 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) and Saudi-based Al-Zamil Group today announced that their joint venture, Arabian Amines Company, has broken ground on its world-scale ethyleneamines project in Jubail, Saudi Arabia. The joint venture expects to finish construction of the 27,000 mt/yr facility by the end of 2009.
Don Stanutz, President of the Performance Products Division of Huntsman, commented, "We are very honoured and pleased to partner with the Zamil Group on such a significant and strategic investment in the Kingdom. When this new facility is completed, Huntsman ethyleneamine customers will have access to a manufacturing footprint with a global reach and Huntsman's latest ethyleneamines technology."
Mr. Fahad Al-Zamil, President of the Jubail operations of the Al Zamil Group, remarked, "This project supports the Kingdom's intention to move further downstream in derivative chemistry. With its strategic locating in Saudi Arabia, this new plant will be very well positioned to compete in the growing Asian market for ethyleneamines."
Hyundai Engineering Co. Ltd and Hanwha Engineering and Construction Corporation, selected by Huntsman and Al-Zamil Group as the Engineering, Procurement and Construction (EPC) contractors for the project, joined in the ceremonial April 28th groundbreaking activities in Jubail.
Ethyleneamines are used by Huntsman customers in a wide variety of end-use applications, including fungicides, paper resins, epoxies, chelants and lube oils. Their versatility brings unique performance advantages to many additional end uses.
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, please visit the company's website at http://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 transaction 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
CONTACT: Media, Russ Stolle, +1-281-719-6624, or Investors, John
Heskett, +1-801-584-5768, both of Huntsman Corporation
Web site: http://www.huntsman.com