Huntsman and Zamil Group Plan New Morpholine and Diglycolamine® Agent Joint Venture in Saudi Arabia
EVERBERG, BELGIUM – Huntsman 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® 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 Huntsman, with Huntsman also having the rights to global sales and marketing of products produced at the plant.
Daniele Ferrari, President of the Performance Products division of Huntsman, said: “This planned joint venture would make Huntsman the most global supplier of DGA and morpholine, with assets in Europe, the United States and now the Middle East. 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.” He added: “The Zamil Group Holding Company is a major player in the region’s petrochemical industry and we are delighted to explore the opportunity of cooperating again with such a dynamic company.”
Mr. Fahad Al-Zamil, President of Zamil Group Holding Company/Jubail Operations, said: “The underlying principle governing the operations of our company is ‘Strength Through Diversity’ and this joint venture would be the latest step in our continued strategy of investing in higher value-added chemicals.” He added: “We have a history of successful partnerships with Huntsman Corporation and we would be very pleased to provide the JV with a stable and successful base in Saudi Arabia.”