乐天堂fun88(中国区)官方网站 JV Completes Project Financing for Maleic Anhydride Expansion
New unit necessary to meet projected global demand
THE WOODLANDS, Texas, Feb. 11 /PRNewswire-FirstCall/ -- 乐天堂fun88(中国区)官方网站 Corporation (NYSE: HUN) today announced that Sasol-乐天堂fun88(中国区)官方网站 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 乐天堂fun88(中国区)官方网站'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 乐天堂fun88(中国区)官方网站'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 乐天堂fun88(中国区)官方网站's wholly-owned 45,000 tonne maleic anhydride plant in Geismar, Louisiana, will increase 乐天堂fun88(中国区)官方网站'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.
乐天堂fun88(中国区)官方网站 Vice President Tom Fisher stated, "Maleic anhydride is a strategic growth product for 乐天堂fun88(中国区)官方网站. 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."
乐天堂fun88(中国区)官方网站 is the world's largest producer of maleic anhydride and a leading licensor of technology for its production. 乐天堂fun88(中国区)官方网站 is also a worldwide supplier of catalyst required in the production of maleic anhydride.
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 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion. For more information about 乐天堂fun88(中国区)官方网站, please visit the company's website at .
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 乐天堂fun88(中国区)官方网站 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.
SOURCE 乐天堂fun88(中国区)官方网站 Corporation
Released February 11, 2009