Huntsman JV Completes Project Financing for Maleic Anhydride Expansion
February 11 2009 - 8:30AM
PR Newswire (US)
New unit necessary to meet projected global demand THE WOODLANDS,
Texas, Feb. 11 /PRNewswire-FirstCall/ -- Huntsman Corporation
(NYSE:HUN) today announced that Sasol-Huntsman GmbH & Co. KG,
its maleic anhydride production joint venture with Sasol Limited
("Sasol"), has successfully completed negotiation of project
financing agreements. The project financing is non-recourse to the
joint venture's parent companies and will add no debt to Huntsman's
balance sheet. The new financing will be used to expand the joint
venture's maleic anhydride production site in Moers, Germany, from
its existing yearly capacity of 60,000 tonnes to a new capacity of
105,000 tonnes by addition of a second world scale reactor. Like
the existing reactor, the new unit will use Huntsman's proprietary
technology and catalyst. The new reactor and other major equipment
is already on order, detailed engineering is under way, and the
EPCM contract has been awarded. Basic engineering and site
preparation were completed early last year. Start-up of the new
unit is scheduled for the first quarter of 2011. The addition of
the second reactor at the Moers site, along with the planned April
2009 start-up of Huntsman's wholly-owned 45,000 tonne maleic
anhydride plant in Geismar, Louisiana, will increase Huntsman's
total global maleic anhydride capacity (including its joint
venture) from its current capacity of 139,000 tonnes to a new
capacity of 207,000 tonnes per year. Huntsman Vice President Tom
Fisher stated, "Maleic anhydride is a strategic growth product for
Huntsman. We continue to expand our worldwide presence in this
important product, both through joint ventures - as we are doing
with Sasol in Germany - and in our wholly-owned plants in North
America - as we are doing by adding our new site in Geismar to
complement our existing production in Pensacola. We are committed
to meeting the needs of our global customers." Huntsman is the
world's largest producer of maleic anhydride and a leading licensor
of technology for its production. Huntsman is also a worldwide
supplier of catalyst required in the production of maleic
anhydride. 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 13,000 employees and operates from multiple
locations worldwide. The Company had 2007 revenues of approximately
$10 billion. For more information about Huntsman, 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 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. DATASOURCE: Huntsman Corporation
CONTACT: media, Russ Stolle, +1-281-719-6624, or investor
relations, Kurt Ogden, +1-801-584-5959, both of Huntsman
Corporation Web Site: http://www.huntsman.com/
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