18 July 2018
VIEW FULL ACETYLS PRESENTATION
ABOUT Chengzhi Shareholding Co., Ltd.
Chengzhi Shareholding Co., Ltd. (Stock Code: 000990)
was registered in October 1998
and listed on the Shenzhen Stock Exchange on July 6, 2000.
Chengzhi Shareholding is a high-tech company
whose major shareholder is Tsinghua University;
additionally, it is a member enterprise of Tsinghua Holdings Co Ltd.,
a key enterprise in Jiangxi Province,
and the industrial platform for industrializing
Tsinghua University’s scientific and technological achievements
in fields such as clean energy, functional materials,
and medical healthcare.
Chengzhi Shareholding has adhered to the core concept of
“Sincerity, Focus and Social Commitment,”
the management concept of
“Integrity, Normalization, Efficiency and Innovation,”
and the talent strategy of
“Caring for People and Gathering Professionals.”
National industry strategy is centered around Bohai
and the surrounding region, coastal southern China,
and the Yangtze River Delta
and extends to the entire country
with over 30 subsidiaries located in
Beijing, Jiangxi, Jiangsu, Anhui, Guangdong, Hebei,
Liaoning, and other countries.
For more information about Chengzhi Corporation
and its product offerings,
visit www.chengzhi.com.cn/
DETAILS
Celanese Corporation today announces that
it has signed a Letter of Intent (LOI)
with Chengzhi Shareholding Co., Ltd.,
to further the development of acetic acid-based ethanol
as a clean energy source in China.
From 2014 to 2017, Celanese operated
a 275,000 metric ton per year industrial ethanol unit
at the Nanjing, China Chemical Industrial Park.
This ethanol unit used Celanese’s TCX® technology
to produce ethanol and historically sourced feedstock
from the company’s acetic acid plant co-located
at its Nanjing manufacturing facility.
Pursuant to the LOI, Celanese would sell
its Nanjing ethanol unit to Chengzhi,
along with all related assets, including
equipment, storage tanks and pipelines
as well as all necessary land rights and permits.
Additionally, Celanese would contribute
its TCX® technology,
along with all associated patents,
know-how and trade secrets,
into a newly formed joint venture.
Through this joint venture the two companies
would collaborate to further
* strengthen the TCX® technology and
* promote additional opportunities
for utilizing the TCX® ethanol process technology
within the People's Republic of China.
The LOI announced today is subject to the parties
reaching definitive agreements.
The two companies are also committed to working together
to implement a smooth transition leading
to a restart of the Nanjing ethanol unit as soon as possible,
likely in 2019.
Financial terms and conditions are not being disclosed at this time.
Todd Elliott,
senior vice president of Celanese’s Acetyls business
“We look forward to realizing what Chengzhi and Celanese
can achieve through this partnership,”
“By combining Celanese’s process technology expertise
with Chengzhi’s strong resources in China
coupled with its rich experiences in manufacturing and marketing,
we believe the joint venture
can play a big role in addressing clean energy needs
while creating new demand for acetic acid.”
Celanese Corporation
Investor Relations
Surabhi Varshney, +1-972-443-3078
surabhi.varshney@celanese.com
or
Media Relations – Global
W. Travis Jacobsen, +1-972-443-3750
william.jacobsen@celanese.com
or
Media Relations Asia (Shanghai)
Helen Zhang, +86 21 3861 9279
lan.zhang@celanese.com
or
Media Relations Europe (Germany)
Jens Kurth, +49(0)69 45009 1574
j.kurth@celanese.com
Source: Celanese Corporation
WWW.CHEMWINFO.COM BY KHUN PHICHAI