Eastman Bp Texas City Production Agreement

Eastman`s acetic acid unit at the company`s Kingsport headquarters also sank last October due to an explosion that disrupted the operation of the chemical production center and sent producers and buyers into a global battle to find more materials and other by-products. The $5 billion also includes BP`s 37 per cent stake in Atlas Methanol, where Canada`s methane is the majority owner. Methanolx announced in March the closure of some methanol capacity due to low prices. The other assets included in the sale are in Asia and Europe. Global chemical company Eastman Chemical Co has entered into a definitive merger agreement for $100 million in cash to acquire Sterling Chemicals, Inc., a North American petrochemical producer with a single site, subject to modest deductions at closing, as provided for in the merger agreement. The transaction, which includes Sterling`s unused plasticizer and acetic acid facility in Texas City, TX, will allow Eastman to increase its capacity for phthalate-free plasticizers to meet growing market demand. KINGSPORT, N.J., Jan. 8, 2020 (GLOBE NEWSWIRE) — Eastman Chemical Company (NYSE: EMN) today announced its participation in a strategic project with Gulf Coast Ammonia (GCA) and Air Products, Inc. (NYSE: APD). GCA will lease part of Eastman`s Texas City site and own a new ammonia production plant globally. Air Products will build, own and operate its largest methane steam reformer, an air decomposition facility for nitrogen supply and a steam turbine generator for power supply at the Texas City Eastman site, as well as certain other power companies for the operation of the new ammonia facility. Eastman`s chemicals, fibers and plastics are used as key ingredients in the products people use on a daily basis.

Approximately 10,000 Eastman employees worldwide combine technical know-how and innovation to provide practical solutions. The company strives to find sustainable business opportunities in the different markets and regions it serves. Eastman, a global company headquartered in Kingsport, Tennessee, USA, had revenues of $US 5.8 billion in 2010. For more information, see www.eastman.com. The Texas City chemical plant supplies much of its PX production at Cooper River to produce PTA, an intermediate product for PET plastic bottles and polyester. The latter project uses part of the available country, infrastructure and deep-water port at the Eastman Texas City site to add value to Eastman through a long-term lease, sit-in service and cost-sharing of Eastman`s supply, as well as a strategic agreement to purchase advantageous ammonia for the manufacture of its special products. Ineos` production in the US contains ethylene glycol or vehicular anti-frosts, as well as PVC, as well as chemicals for applications such as detergents or solvents. INEOS also produces butadiene used in tyres and sports shoes. In 2016, bp Acetyls Americas celebrated the thirtieth anniversary of a production agreement with the Texas City acetic acid site. Our story begins with Monsanto, the original owner and developer of a leading acetic acid technology. Later, a group of employees and other investors created Sterling Chemicals to buy the asset, while bp bought the technology…