Home / Knowledge / News / Textiles / Celanese & Mitsui announce JV for methanol production
Celanese & Mitsui announce JV for methanol production
16
May '13
Celanese Corporation, a global technology and specialty materials company of Dallas, Texas, and Mitsui & Co., Ltd., of Tokyo, Japan, 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."

Celanese

Must ReadView All

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search