Celanese and Mitsui Entered Into an Exclusivity Agreement for Potential Methanol Unit at Bishop, Texas

Thu, April 16 2015

DALLAS--(BUSINESS WIRE)-- Celanese Corporation (NYSE:CE), a global technology and specialty materials company, and Mitsui & Co., Ltd., of Tokyo, Japan, entered into an exclusive arrangement to explore a joint venture for methanol production at Celanese’s integrated chemical plant in Bishop, Texas.

The potential methanol unit at Bishop is expected to have an annual capacity of 1.3 million tons and would leverage the design benefits of the Clear Lake, Texas methanol unit that is currently under construction. Celanese has filed for air permits with the Texas Commission on Environmental Quality for a potential methanol unit in Bishop, Texas and a final decision to build the unit will consider several factors, including prevailing methanol market conditions as well as construction costs.

The companies also entered into an amended five year arrangement for Celanese to purchase methanol from Mitsui, upon completion of the methanol unit at their joint venture in Clear Lake, Texas. Start-up of the unit is expected in October 2015.

“We are pleased to expand our partnership with Mitsui. Together with Mitsui, we will explore the benefits of an additional methanol unit at our Bishop, Texas facility to ensure our long-term and competitive supply of methanol,” said Mark Rohr, chairman and chief executive officer, Celanese Corporation. “The supply agreement, along with our own methanol production at Clear Lake, Texas, will ensure that we are balanced in our methanol needs in the US, but it will not completely offset our methanol-related earnings headwinds.”

About Celanese

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. With sales almost equally divided between North America, Europe and Asia, the company uses the full breadth of its global chemistry, technology and business expertise to create value for customers and the corporation. Celanese partners with customers to solve their most critical needs while making a positive impact on its communities and the world. Based in Dallas, Texas, Celanese employs approximately 7,500 employees worldwide and had 2014 net sales of $6.8 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.

All registered trademarks are owned by Celanese International Corporation or its affiliates.

Forward-Looking Statements

This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs 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 will realize these expectations or that these beliefs 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. These factors include the inability to obtain regulatory approvals of the transaction and satisfy conditions on the proposed terms and schedule and the possibility that the transaction does not close. 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.

Celanese Corporation
Investor Relations
Jon Puckett, 972-443-4965
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Media Relations – Global
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Source: Celanese Corporation