World News: 13:30 GMT Wednesday 17th April 2019. [Celanese Corporation via Businesswire via SPi World News]
Celanese Corporation (NYSE:CE), a global chemical and specialty materials company, today announces plans to significantly expand methanol production capacity at the company’s Clear Lake acetyl intermediates manufacturing facility located in Pasadena, Texas.
Celanese has recently been granted approvals from the Fairway Methanol LLC board of directors for a second phase expansion, which will increase production to 1.7 million metric tons per year – approximately 125% of the original nameplate capacity – to be implemented as soon as operationally feasible and pending customary regulatory and permitting approvals. Financial details of the project are not being disclosed at this time.
In parallel with this expansion, Celanese and Mitsui will evaluate additional cost effective expansion options for the Clear Lake methanol unit.
“Celanese is pleased to deliver on a historic milestone achievement in methanol production using engineering leadership, manufacturing excellence and chemical industry expertise,” said Todd Elliott, Senior Vice President, Acetyls. “Methanol is a crucial raw material for the production of acetic acid and other key chemical products and these expansions will enable Celanese to manage future productivity and growth configuration options for the world’s largest acetyl intermediates production facility, as well as the production network of Celanese acetyls plants globally.”
The Clear Lake methanol unit was commissioned in October of 2015 as a joint venture between Celanese and Mitsui & Co., Ltd., of Tokyo, Japan (NASDAQ: MITSY), with an annual capacity of 1.3 million metric tons. The unit utilizes abundant, low-cost natural gas in the U.S. Gulf Coast region as a feedstock. The joint venture operates as Fairway Methanol LLC, with both Celanese and Mitsui maintaining a 50/50 ownership.
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. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2018 net sales of $7.2 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” 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 or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed 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.
Business Wire: 13:30 GMT Wednesday 17th April 2019
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