Sasol and INEOS Reach Final Investment Decision on High Density Polyethylene Joint Venture
Sasol and INEOS Reach Final Investment Decision on High Density Polyethylene Joint Venture
PR56992
HOUSTON, Jun. 9 /PRN=KYODO JBN/--
Sasol Chemicals North America LLC and INEOS Olefins & Polymers USA
announced today that they have reached final investment decision to form a
joint venture to build a high-density polyethylene (HDPE) plant in LaPorte,
Texas.
The 50/50 joint venture will produce 470 kilotons per annum of bimodal HDPE
using Innovene(TM) S process technology licensed from INEOS Technologies. The
ethylene required for the production of the HDPE will be supplied by Sasol and
INEOS in proportion to their respective ownership positions.
"This project will expand Sasol's presence in the global chemical market
and complement our North American growth strategy," said Fleetwood Grobler,
Sasol group executive for global chemicals. "Its location offers several
benefits, including access to U.S. Gulf Coast infrastructure and proximity to
our current and proposed ethane cracker and derivatives complex in Southwest
Louisiana."
INEOS will operate the HDPE plant at its Battleground Manufacturing Complex
in LaPorte. Plant start-up is expected in the 2016 calendar year.
"This investment will allow INEOS to meet our customer's needs for
additional bimodal products," said Dennis Seith, CEO of INEOS Olefins &
Polymers USA. "It also supports INEOS's strategy to invest and to capture
synergies on our major sites."
The definitive agreements are in the process of being finalised, and all
relevant permits have been obtained. Because the plant will be debt financed,
the investment decision is conditional on achieving financial close.
Sasol and INEOS announced their intention to form this joint venture in
July 2013.
About Sasol:
Committed to excellence in all we do, Sasol is an international integrated
energy and chemicals company that leverages the talent and expertise of our
more than 34 000 people working in 37 countries. We develop and commercialise
technologies, and build and operate world-scale facilities, to produce a range
of product streams, including liquid fuels, chemicals and electricity.
While continuing to support our home-base of South Africa, Sasol is
expanding internationally based on a unique value proposition.
Forward-looking statements: Sasol may, in this document, make certain
statements that are not historical facts and relate to analyses and other
information which are based on forecasts of future results and estimates of
amounts not yet determinable. These statements may also relate to our future
prospects, developments and business strategies. Examples of such
forward-looking statements include, but are not limited to, statements
regarding exchange rate fluctuations, volume growth, increases in market share,
total shareholder return and cost reductions. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could", "may",
"endeavour" and "project" and similar expressions are intended to identify such
forward-looking statements, but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and there are risks that
the predictions, forecasts, projections and other forward-looking statements
will not be achieved. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, our actual results may differ
materially from those anticipated. You should understand that a number of
important factors could cause actual results to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in such
forward-looking statements. These factors are discussed more fully in our most
recent annual report under the Securities Exchange Act of 1934 on Form 20-F
filed on 9 October 2013 and in other filings with the United States Securities
and Exchange Commission. The list of factors discussed therein is not
exhaustive; when relying on forward-looking statements to make investment
decisions, you should carefully consider both these factors and other
uncertainties and events. Forward-looking statements apply only as of the date
on which they are made, and we do not undertake any obligation to update or
revise any of them, whether as a result of new information, future events or
otherwise.
Issued by:
Russell Johnson, Director Public Affairs
Direct telephone +1-(281)-588-3027
russell.johnson@us.sasol.com
SOURCE: Sasol and INEOS
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