Celanese Corporation (NYSE:CE), a global technology and specialty
materials company, and Mitsui & Co., Ltd., of Tokyo, Japan, entered into
an exclusive arrangement to explore a joint venture for methanol
production at Celanese’s integrated chemical plant in Bishop, Texas.
The potential methanol unit at Bishop is expected to have an annual
capacity of 1.3 million tons and would leverage the design benefits of
the Clear Lake, Texas methanol unit that is currently under
construction. Celanese has filed for air permits with the Texas
Commission on Environmental Quality for a potential methanol unit in
Bishop, Texas and a final decision to build the unit will consider
several factors, including prevailing methanol market conditions as well
as construction costs.
The companies also entered into an amended five year arrangement for
Celanese to purchase methanol from Mitsui, upon completion of the
methanol unit at their joint venture in Clear Lake, Texas. Start-up of
the unit is expected in October 2015.
“We are pleased to expand our partnership with Mitsui. Together with
Mitsui, we will explore the benefits of an additional methanol unit at
our Bishop, Texas facility to ensure our long-term and competitive
supply of methanol,” said Mark Rohr, chairman and chief executive
officer, Celanese Corporation. “The supply agreement, along with our own
methanol production at Clear Lake, Texas, will ensure that we are
balanced in our methanol needs in the US, but it will not completely
offset our methanol-related earnings headwinds.”
About Celanese
Celanese Corporation is a global technology leader in the production
of differentiated chemistry solutions and specialty materials used in
most major industries and consumer applications. With sales almost
equally divided between North America, Europe and Asia, the company uses
the full breadth of its global chemistry, technology and business
expertise to create value for customers and the corporation. Celanese
partners with customers to solve their most critical needs while making
a positive impact on its communities and the world. Based in Dallas,
Texas, Celanese employs approximately 7,500 employees worldwide and had
2014 net sales of $6.8 billion. For more information about Celanese
Corporation and its product offerings, visit www.celanese.com
or our blog at www.celaneseblog.com.
All registered trademarks are owned by Celanese International
Corporation or its affiliates.
Forward-Looking Statements
This release may contain “forward-looking statements,” which include
information concerning the company’s plans, objectives, goals,
strategies, future revenues or performance, capital expenditures,
financing needs and other information that is not historical
information. When used in this release, the words “outlook,” “forecast,”
“estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,”
“believes,” and variations of such words or similar expressions are
intended to identify forward-looking statements. All forward-looking
statements are based upon current expectations and beliefs and various
assumptions. There can be no assurance that the company will realize
these expectations or that these beliefs will prove correct. There are a
number of risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements contained in this
release. Numerous factors, many of which are beyond the company’s
control, could cause actual results to differ materially from those
expressed as forward-looking statements. These factors include the
inability to obtain regulatory approvals of the transaction and satisfy
conditions on the proposed terms and schedule and the possibility that
the transaction does not close. Other risk factors include those that
are discussed in the company’s filings with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the date on
which it is made, and the company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after the
date on which it is made or to reflect the occurrence of anticipated or
unanticipated events or circumstances.
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