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Sasol and INEOS Reach Final Investment Decision on High Density Polyethylene Joint Venture
Houston (ots/PRNewswire) - 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.
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.
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