Zamil Group and Huntsman Corporation have announced that they are proceeding to the next stage of their previously-announced feasibility study for a new Diglycolamine® Agent (DGA) amines joint venture facility in Jubail, Saudi Arabia.
The planned joint venture, first announced 12 months ago, would operate the proposed plant on a 50:50 basis and would use technology licensed from Huntsman, with Huntsman also having the rights to global sales and marketing of products produced at the plant. This final stage of the feasibility study includes detailed, front-end engineering plans and financial estimates and should be ready by mid-2011. Plant start-up is currently slated for the second quarter of 2014, subject to plan agreement by both parties.
Peter Huntsman, President and CEO of Huntsman Corporation said: "This significant planned investment would not only make Huntsman the leading global supplier of DGA and morpholine but would also complement and extend our developing business footprint in the Middle East. He added: The Zamil Group Holding Company is a major petrochemicals and chemicals player in the region and we are absolutely delighted to be working with them again".
Fahad Al Zamil, President of Zamil Group Holding Company, Jubail Operations, commented: "Our Company manages a very wide range of innovative and high quality products and this joint venture testifies to importance we give to high value-added chemicals in our portfolio. He added, "It is consistent with our strategy 'Strength through Diversity. We have many partnerships with Huntsman Corporation and we look forward to continuing to build on the successes of the past."
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About Zamil Group:
Zamil Group Holding Company is a global investment company with diverse interests and capabilities. Across the continents it provides innovative, high quality and price competitive products and services as well as investment opportunities for investors, partners and stakeholders in the industrial, petrochemicals and services sectors. The wide range of products and services spans air conditioning manufacturing to architectural glass processing, plastics to steel fabrication and paints and cranes to heavy process equipment. The company is also engaged in shipbuilding and repair, port operations and maintenance, petrochemicals and chemicals, industrial investment and general construction. The energy driving the company's more than 60 sector businesses is the 12,000-strong workforce in more than 60 countries, vast manufacturing facilities and strong affiliations with numerous international partners. For more information, please visit the company's website at www.zamil.com
About Huntsman Corporation:
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 11,000 employees and operates from multiple locations worldwide. The Company had 2009 revenues of approximately $8 billion. For more information, please visit the company's website at www.huntsman.com
About Amines:
Amines are chemical intermediates used in a very wide range of products and applications, including detergents, personal care products, cosmetics, pharmaceuticals, cement, metal-working fluids, agrochemicals, fuels, dyes, coatings and resins and gas treatment. Morpholine is a neutralizing amine used for preventing carbonic acid corrosion in plant or refinery steam condensate systems. Diglycolamine® Agent amine is used for removing carbon dioxide and hydrogen sulphide from refinery and production gas streams. Huntsman currently makes morpholine and Diglycolamine® Agent amines at its plants in Port Neches, Texas and Llanelli, Wales.
© Press Release 2010
