乐天堂fun88(中国区)官方网站 and Zamil Group Plan New Morpholine and Diglycolamine庐 Agent Joint Venture in Saudi Arabia
EVERBERG, BELGIUM 鈥� 乐天堂fun88(中国区)官方网站 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庐 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 乐天堂fun88(中国区)官方网站, with 乐天堂fun88(中国区)官方网站 also having the rights to global sales and marketing of products produced at the plant.
Daniele Ferrari, President of the Performance Products division of 乐天堂fun88(中国区)官方网站, said: 鈥淭his planned joint venture would make 乐天堂fun88(中国区)官方网站 the most global supplier of DGA and morpholine, with assets in Europe, the United States and now the Middle East.听 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.鈥澨� He added: 鈥淭he Zamil Group Holding Company is a major player in the region鈥檚 petrochemical industry and we are delighted to explore the opportunity of cooperating again with such a dynamic company.鈥�
Mr. Fahad Al-Zamil, President of Zamil Group Holding Company/Jubail Operations, said: 鈥淭he underlying principle governing the operations of our company is 鈥楽trength Through Diversity鈥� and this joint venture would be the latest step in our continued strategy of investing in higher value-added chemicals.鈥澨� He added: 鈥淲e have a history of successful partnerships with 乐天堂fun88(中国区)官方网站 Corporation and we would be very pleased to provide the JV with a stable and successful base in Saudi Arabia.鈥�
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.听 Diglycolamine庐 Agent amine is used for removing carbon dioxide and hydrogen sulphide from refinery and production gas streams. 乐天堂fun88(中国区)官方网站 currently makes morpholine and Diglycolamine庐 Agent amines at its plants in Port Neches, Texas and Llanelli, Wales.
About 乐天堂fun88(中国区)官方网站:
乐天堂fun88(中国区)官方网站 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, 乐天堂fun88(中国区)官方网站 today has 12,000 employees and operates from multiple locations worldwide. The Company had 2008 revenues exceeding $10 billion. For more information about 乐天堂fun88(中国区)官方网站, please visit the company鈥檚 website at .
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鈥檚 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鈥檚 website at .
Forward Looking Statements:
Statements in this release that are not historical are forward-looking statements. These statements are based on management鈥檚 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鈥檚 operations, markets, products, services, prices and other factors as discussed in the 乐天堂fun88(中国区)官方网站 companies鈥� 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鈥檚 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庐 is a registered trademark of 乐天堂fun88(中国区)官方网站 Corporation or an affiliate thereof in one or more, but not all, countries.
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Contact:
Media: Michael Scharf +32 2 7589884
Investors: Kurt Ogden +1 801 5845959
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