SABIC completes purchase of Huntsman's UK base chemicals and polymers business

09-Jan-2007

Mohamed Al-Mady, Vice Chairman and CEO of Saudi Basic Industries Corporation (SABIC) and Peter Huntsman, President and CEO of Huntsman Corporation announced the completion of the purchase of Huntsman's UK Base Chemicals and polymers business. Under the terms of the deal SABIC has acquired 100 per cent of the shares of Huntsman Petrochemicals (UK) Ltd for a purchase price of US$ 685 million in cash. The new entity has been renamed SABIC UK Petrochemicals.

The acquired manufacturing business operates an 865 ktpa ethylene/ 400 ktpa propylene cracker and a 1.3 million tpa Aromatics facility with logistical facilities at Wilton and North Tees. SABIC will complete the construction of a new 400 ktpa capacity polyethylene (LDPE) plant in Wilton, Teesside. It is scheduled to come on stream by the end of 2007.

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