The venture, which plans to construct a world scale 27,000MT/yr ethyleneamines plant in Jubail, Saudi Arabia, has been formally approved by the boards of both Zamil Group and Huntsman Corporation and the Saudi Industrial Development Fund has approved funding this strategic project, and the company has selected Hyundai Engineering Co. Ltd and Hanwha Engineering and Construction Corporation as the Engineering, Procurement and Construction (EPC) contractors for this project.
The planned facility will utilize proprietary ethylene amines process technology provided by Huntsman. The plant is scheduled to break ground in early 2008 and start up is forecast for January 2010. Funding for the new project includes a loan from the Saudi Industrial Development Fund.
Huntsman will license its technology to the joint venture for use in the plant and will also serve as the exclusive sales and marketing agent for the venture's output, much of which will be sold in Asia.
His Excellency Eng. Abdul Aziz Al-Zamil, Chairman of industrial board of Zamil Group, and Mr. Peter R. Huntsman, President and CEO of Huntsman Corporation, meeting together while attending the Gulf Petrochemicals and Chemicals Association forum in Dubai, UAE, both expressed their satisfaction in the project's advancement and their confidence in this strategic investment for both companies.
Zamil Group Huntsman joint venture achieves milestones
Zamil Group and Huntsman Corporation announced that their joint venture, Arabian Amines Company, has achieved three significant milestones.
- Saudi Arabia: Wednesday, December 12 - 2007 at 14:53
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Log in to request more information from Zamil Group Holding CoNotes and media contacts
About Zamil GroupZamil Group is a family owned global investment company with diverse interests and capabilities. Zamil's range of products and services is expansive and spans air-conditioning manufacturing to steel fabrication and plastics, paints and cranes to heavy process equipment. The Group is also engaged in shipbuilding and offshore oilfield marine services, port operations and maintenance, petrochemicals and chemicals investment and general construction. Headquartered in Saudi Arabia, Zamil Group scope of activity encompasses more than 60 sector businesses with 12,000-strong workforce in more than 55 countries. For more information 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 13,000 employees and operates from multiple locations worldwide. The Company had 2006 revenues of over $13 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com
Hosam Harbi
Supervisor, Corporate Communications
Tel: 9663 8824888 X 129
Fax: 9633 8824888 X 147
Posted by Lara Lynn Golden, News EditorWednesday, December 12 - 2007 at 14:53 UAE local time (GMT+4)
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