Huntsman and Zamil Group Plan New Morpholine and Diglycolamine® Agent Joint Venture in Saudi Arabia
EVERBERG, BELGIUM – Huntsman Corporation (NYSE:HUN) and the Zamil Group Holding Company today signed 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 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.
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: “The 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.”
Mr. Fahad Al-Zamil, President of Zamil Group Holding Company/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 added: “We have a history of successful partnerships with Huntsman Corporation and we would be very pleased to provide the JV with a stable and successful base in Saudi Arabia.”
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 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.
About Zamil Group Holding Company:
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 about Zamil Group Holding Company, please visit the company’s website at www.zamil.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 transactions 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.
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Note: Diglycolamine® is a registered trademark of Huntsman Corporation or an affiliate thereof in one or more, but not all, countries.
Contact:
Media: Michael Scharf +32 2 7589884
Investors: Kurt Ogden +1 801 5845959