Targets Gas-Treatment Market
Riyadh, Saudi Arabia - Under the patronage of His Highness Prince Saud bin Abdullah bin Thunayan Al Saud, Director General of the Royal Commission of Jubail and Yanbu, and Chairman of the Board of Saudi Basic Industries Company (SABIC), Zamil Group and Huntsman Corporation have signed today a non-binding memorandum of understanding (MoU) to explore the feasibility of constructing and operating a morpholine and Diglycolamine® Agent (DGA) amines joint venture in Jubail, Saudi Arabia.
According to the MoU, the joint venture would operate the proposed plant on a50:50 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.
Fahad Al-Zamil, President, Zamil Group, Jubail Operations, said: "The underlying principle governing the operations of our company is 'Strength through Diversity' and this joint venture would be the latest step in our continued strategy of investing in higher value-added chemicals." He continued "We have a history of successful partnerships with Huntsman Corporation and we would be very pleased to provide the proposed JV a stable and successful base in Saudi Arabia."
Daniele Ferrari, President of the Performance Products division of Huntsman, said: "This planned joint venture would make Huntsman the most global supplier of DGA and morpholine, with assets in Europe, the United States and now the Middle East. It would also fulfill part of our on-going strategy of expanding in the Middle East to better serve local and global customers, including the growing gas-treatment market in the Gulf." He added: "Zamil Group Holding Company is a major player in the region's petrochemical industry and we are delighted to explore the opportunity of cooperating again with such a dynamic company."
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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.
About Zamil Group
Zamil Group Holding Company is a Saudi family owned global investment company with diverse industrial, petrochemical, commercial and consumer interests worldwide. Zamil Group offers high quality, innovative, competitive products and services as well as investment opportunities to stakeholders through more than 60 businesses worldwide through a vast network of manufacturing facilities, affiliations and alliances with leading organizations, and a 12,000-strong workforce in more than 60 countries. For more information about Zamil Group, please visit the company's website at www.zamil.com.
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 12,000 employees and operates from multiple locations worldwide. The Company had 2008 revenues exceeding $10 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com.
© Press Release 2009
