May 15, 2013

Celanese and Mitsui Announce Joint Venture for Methanol Production at Clear Lake, Texas, Facility

DALLAS & TOKYO--(BUSINESS WIRE)-- Celanese Corporation (NYSE:CE), a global technology and specialty materials company of Dallas, Texas, and Mitsui & Co., Ltd. (NASDAQ: MITSY), of Tokyo, Japan, today announced that the two companies have signed an agreement to establish a 50:50 joint venture for the production of methanol at Celanese's integrated chemical plant in Clear Lake, Texas.

The planned methanol unit will utilize abundant, low-cost natural gas in the U.S. Gulf Coast region as a feedstock and will benefit from the existing infrastructure at Celanese's Clear Lake facility. As a result, the total shared capital and expense investment in the facility is estimated to be approximately $800 million. Celanese's portion of the investment is estimated to be approximately $300 million, in addition to the previously invested assets at the Celanese Clear Lake facility. The planned methanol facility will have an annual capacity of 1.3 million tons and is expected to begin operations in mid-2015.

"We are excited to expand our Clear Lake operations to include the strategic upstream production of methanol. The attractive economics of natural gas in the U.S. Gulf Coast region, combined with our existing infrastructure and an outstanding strategic partner in Mitsui, provides Celanese with this unique growth opportunity," said Mark Rohr, Chairman and Chief Executive Officer, Celanese Corporation.

Masami Iijima, President and Chief Executive Officer, Mitsui & Co., Ltd. said: "We are very pleased to have Celanese as a strategic joint venture partner for the U.S. methanol project. Mitsui will be able to generate additional value in the gas product chain starting from our shale gas reserve we possess in the U.S. to methanol with Celanese's state-of-the-art capabilities in manufacturing, operations and safety. This partnership should be long-term and be expanded towards further joint projects in the future."

About Celanese Corporation

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 7,600 employees worldwide and had 2012 net sales of $6.4 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.

About Mitsui & Co. Ltd.

Mitsui & Co., Ltd is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 151 offices in 67 countries as of March, 2013. Utilizing the global operating locations, network and information resources, Mitsui is multilaterally pursuing business that range from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Service, and Innovation & Corporate Development. Mitsui is actively taking on challenges for global business innovation around the world. More information about Mitsui can be found at www.mitsui.com.

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," "may," "can," "could," "might," "will" 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, including that the new facility will be constructed on the schedule or with the productivity desired by the company. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this release. These risks and uncertainties include, among other things: changes in general economic, business, political and regulatory conditions; changes in the price and availability of raw materials; the ability to improve productivity by implementing technological improvements; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the company; unavailability of required materials and equipment; unanticipated operational or commercial difficulties, including failure of facilities or processes to operate in accordance with specifications or expectations; the ability to achieve and maintain plant utilization; ability of third parties, including our commercial partners, suppliers or others, to comply with their commitments to us; the cost or availability of capital necessary to fund plant construction; compliance and other costs and potential disruption or interruption of production or operations due to accidents, cyber security incidents, terrorism or political unrest or other unforeseen events or delays in construction or operation of facilities, including the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters; potential liability for remedial actions and increased costs under existing or future environmental regulations, including those relating to climate change; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies of governments or other governmental activities in the countries in which we operate; changes in interest rates; and various other factors discussed from time to time 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.

Celanese Corporation
Investor Relations
Jon Puckett, +1-972-443-4965
Telefax: +1-972-443-8519
Jon.Puckett@celanese.com
or
Media Relations
Travis Jacobsen, +1-972-443-3750
Telefax: +1-972-443-8519
William.Jacobsen@celanese.com

Source: Celanese Corporation

News Provided by Acquire Media


Close window | Back to top

Copyright 2014 Celanese Corporation