Huntsman, Sinopec form joint venture in China

Huntsman, Sinopec form joint venture in China

9:27 AM, 15th November 2012
Huntsman, Sinopec form joint venture in China
Peter R Huntsman, President and CEO, Huntsman.

THE WOODLANDS, US: Huntsman Corporation has entered into a joint venture agreement with Sinopec Jinling Company, a subsidiary of Sinopec. The joint venture, Nanjing Jinling Huntsman New Materials Co Ltd will build and operate a world scale propylene oxide (PO) and methyl tertiary butyl ether (MTBE) facility in Nanjing, China.  The facility is expected to be completed by the end of 2014 and it will utilize Huntsman’s proprietary PO/MTBE manufacturing technology.

Huntsman will own 49 per cent of the joint venture, and Sinopec will own 51 per cent.  The facility will produce 550 mm lbs of PO and 1.6 billion lbs of MTBE at a capital cost of approximately $750 million. Other details of the joint venture were not disclosed.

“This partnership provides a tremendous opportunity for us to further our global expansion and create shareholder value. We are proud to partner with Sinopec, a global leader in energy, refining and chemicals,” said Peter R Huntsman, President and CEO, Huntsman.

© WOC News 

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