Huntsman and Sinopec Jinling form US$750 million chemical JV

Huntsman, a chemicals manufacturer with its main operations based in The Woodlands in Texas, and Sinopec Jinling Co., a subsidiary of the Chinese petrochemical company Sinopec, have agreed to form a joint venture to build a US$750 million chemical plant in Nanjing, China. The joint venture will be called Nanjing Jinling Huntsman New Materials Company Ltd. Huntsman will own 49% of the company and Sinopec will have a 51% stake.
The chemical plant will produce propylene oxide and methyl tertiary butyl ether (MTBE). Propylene oxide is used to make materials including energy-efficient home insulation and comfort foams. MTBE is an octane booster blended in gasoline.
The new chemical facility is expected to be finished in 2014. When fully operational, the facility will produce 550 million pounds of propylene oxide and 1.6 billion pounds of MTBE. (November 30, 2012)
(November 13, 2012)