The Saudi Arabian General Investment Authority (SAGIA) hosted the signing ceremony. "SAGIA's hosting of this event is in line with its strategy to promote investments in the energy sector, one of the vital sectors on which the agency is focused," commented SAGIA Governor, His Excellency Mr. Amr Al-Dabbagh.
HE Mr. Abdul Aziz AL-Zamil, Chairman of the Industrial Sector at Zamil Group and Mr. Donald Joseph Stanutz, President of Performance Products Division, Huntsman Corporation signed the shareholders agreement on January 22, 2006 to form the joint venture, the Arabian Amines Company (AAC).
The 66 million pound (30,000 MTE) plant will produce Ethylenediamine (EDA), Diethylenetriamine (DET A), Triethylenetetramine (TET A) and higher molecular weight versions such as TEPA, E-100, AEP and Piperazine. The products serve as specialty intermediates for a variety of end uses including epoxy curing agents, bonding agents and lube-oil additives for gasoline and diesel engines. The companies anticipate the plant being on line in 2008.
"The signing of the shareholders agreement between Huntsman Corporation and Zamil Group today is an advanced milestone in the realization of the joint venture and the execution of the Ethyleneamines project which will source its feedstock from operating companies in Jubail Industrial city," commented Mr. Al-Zamil.
Huntsman and Zamil Group will have equal ownership in AAC. The venture will use Huntsman's proprietary technology that the company has optimized in its U.S. plants. Huntsman will serve as the exclusive sales and marketing arm for the joint venture and will provide technical service and product applications knowledge.
Zamil Group and Huntsman expressed their thanks to the Saudi Government agencies for their support of the project development and especially to the Ministry of Commerce and Industry, Royal Commission for Jubail and Yanbu, Saudi Arabian General Investment Authority (SAGIA), Saudi Industrial Development Fund (SIDF), Saudi Offset Program, Saudi British Offset Program and Saudi Basic Industries Corporation (SABIC).
Browse
related articles
Hosted by SAGIA, Zamil Group and Huntsman Company sign SR500 million ($135 million) JV agreement
- Saudi Arabia: Sunday, January 22 - 2006 at 13:39
- PRESS RELEASE
Related content
Zamil Group and the Huntsman Corporation of USA announced their intention to form a joint venture to build a world scale Ethyleneamines manufacturing facility in Jubail Industrial City, Saudi Arabia, through the signing of the joint venture shareholders agreement. The total investment cost in the project is put around SR 500 million ($135 million).
From today's signing ceremony.
Article Options
Log in to request more information from SAGIA
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, January 22 - 2006 at 13:39 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Notes and Media Contacts »
About SAGIA
The Saudi Arabian General Investment Authority (SAGIA) is a service entity aiming to provide services and facilities to promote investment and economic development in the Kingdom of Saudi Arabia. SAGIA was established in April 2000 under the directives of the Supreme Economic Council (SEC) as a catalyst to promote inward investments, facilitate exchange of best practice between the public and private sectors, as well as act as an intermediary between the global business community and the Saudi Government and its ministries and agencies. It also aims to contribute to economic policy-making substantiated by research and strategic criteria.
SAGIA's role is complementary and supportive to the bodies directly concerned with the various investment sectors and working to finalize the investors' procedures. The mission of SAGIA is to create a pro-business environment while providing comprehensive services to investors, and fostering investment opportunities in energy, transportation and knowledge-based industries.
The SAGIA logo, name, and any other marks contained herein that reference the Saudi Arabian General investment Authority are the property of the Saudi Arabian General Investment Authority. All rights reserved.
The Saudi Arabian General Investment Authority (SAGIA) is a service entity aiming to provide services and facilities to promote investment and economic development in the Kingdom of Saudi Arabia. SAGIA was established in April 2000 under the directives of the Supreme Economic Council (SEC) as a catalyst to promote inward investments, facilitate exchange of best practice between the public and private sectors, as well as act as an intermediary between the global business community and the Saudi Government and its ministries and agencies. It also aims to contribute to economic policy-making substantiated by research and strategic criteria.
SAGIA's role is complementary and supportive to the bodies directly concerned with the various investment sectors and working to finalize the investors' procedures. The mission of SAGIA is to create a pro-business environment while providing comprehensive services to investors, and fostering investment opportunities in energy, transportation and knowledge-based industries.
The SAGIA logo, name, and any other marks contained herein that reference the Saudi Arabian General investment Authority are the property of the Saudi Arabian General Investment Authority. All rights reserved.
Disclaimer »
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
