Second Quarter Restart Expected for Caojing China Crude MDI Facility
Imported Crude MDI Keeps Downstream MDI Finishing Plant in Operation
EVERBERG, Belgium, April 2 /PRNewswire-FirstCall/ -- Huntsman Corporation's (NYSE: HUN) Polyurethanes division announced today that the joint venture crude MDI facility located in Caojing, China, which has been offline since mid-December, is currently undergoing repairs to replace a damaged heat exchanger. The facility, which is expected to resume production in the 2nd quarter of 2007, is a joint venture among Huntsman, BASF, Shanghai Hua Yi (Group) Company, Shanghai Chlor-Alkali Chemical Co. Ltd. and Sinopec Shanghai Gao Qiao Petrochemical Corporation.
Huntsman's downstream majority-owned MDI finishing and pre-polymers operation - Huntsman Polyurethanes Shanghai Ltd. - remains operational and has been utilizing crude MDI imported from the Company's facilities in Rozenburg, the Netherlands and Geismar, Louisiana to meet Asian demand for downstream MDI products.
Tony Hankins, President of Huntsman's Polyurethanes division, said, "Consistent with our periodic updates to the market on the joint venture's progress on restarting its crude MDI facility, we wanted to reconfirm our continued expectation of a second quarter restart. During the joint venture's outage, we have made every effort to continue to supply our customers in Asia with the downstream MDI products they require. We look forward to the joint venture's completion of the required repairs, as the outlook for MDI growth continues to be very favourable, both in Asia and globally, as overall industry fundamentals remain strong."
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 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
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 to negotiation and execution of definitive agreements among the parties 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: Gary Chapman, tel: + 32 2 758 9378
Web site: http://www.huntsman.com