Celanese (NYSE: CE), the world's leading technology and specialty materials company, announced that its joint venture Ibn Sina's co-formaldehyde production unit in Jubail Industrial City, Saudi Arabia has completed construction and will have a capacity of 50,000 tons.
Celanese confirmed that the device has completed the performance trial run of all specifications of co-formaldehyde and has achieved full production; therefore, the device has officially been put into operation. As previously announced, after the successful commissioning of the co-formaldehyde unit, the economic benefits of Celanese in Ibn Sina will increase from 25% to 32.5%, further contributing to Celanese's financial growth.
Ibn Sina is a joint venture between SABIC and CTE (co-owned by Celanese and Duke Energy's subsidiaries). Celanese, SABIC and Duke Energy established Ibn Sina in 1981. The establishment of the co-formaldehyde plant is part of the expansion of Ibn Sina's business. Currently, Celanese and Duke Energy each hold 25% of all equity in Ibn Sina, with the remaining 50% held by SABIC.
The co-formaldehyde unit will be produced from methanol supplied in-house by Ibn Sina. Co-formaldehyde is a differentiated, high value-added product mainly used in automotive, electronics, machinery and construction manufacturing, and other industrial fields.