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SHELL and SGF Chimie: an investment of over US$100 Million to built first world-scale PTT plant
Montréal, February 15, 2002 - Shell Chemicals Canada Ltd. announced today that it has signed a contract with SGF Chimie to form a 50/50 limited partnership to build and operate the first world‑scale polytrimethylene terephthalate (PTT) plant near Montreal, Québec, Canada. The partnership will be called PTT Poly Canada. The project value is estimated at over US$100 million. The company will benefit from a contribution of $15 million from Investissement Québec, including a loan of $5 million, for the implementation of this plant which will create 750 direct and indirect jobs, as well as 1000 jobs during construction phase.
Deputy Prime Minister and Minister of State for the Economy and Finance Pauline Marois was delighted that Shell has chosen to locate its new PTT plant in Montreal. "The establishment of this subsidiary of a leading multinational in the east end of Montréal will create fifty quality direct jobs in the area while reinforcing Québec's position in the worldwide petrochemical industry. The Government of Québec is therefore proud to contribute to the creation of this partnership in Montréal that will greatly benefit the Québec economy," stated Mrs. Marois.
PTT is a thermoplastic polymer that can be spun into both fibers and yarns that are long-wearing, inherently stain resistant and easy to clean. Shell’s trade name for PTT is Corterra Polymers, and its products have applications in carpeting, textiles, apparel, films and other products. The primary focus for the new plant will be the carpet market in North America.
The facility should begin operation by the fourth quarter of 2003. The capacity will be 95,000 metric tons per year.The facility will use proprietary technology developed by a Shell affiliate and Zimmer AG which will be licensed to the partnership. A Shell affiliate will also provide sales and marketing services.
The primary feedstocks for PTT are 1,3‑propanediol (PDO) and purified terephthalic acid (PTA). The PTA will come from an SGF/Interquisa CA$ 700 million plant currently being built nearby. A Shell affiliate will supply PDO from its Geismar, Louisianna plant.
"The PTT Poly Canada investment is a vital part of Shell’s continued commitment to build a large and successful PDO business," said Stan Park, vice president for the PDO/Corterra Polymers Product Business Unit. "We are constantly looking at ways to create value for our customers through applied technology.
“The synergies with Interquisa Canada and Pétrochimie Coastal, the recognized expertise of our partnership and the calibre of the technologies and products are all measures of the success of this new project, which will strengthen the infrastructures of the east end of Montréal Petrochemical Centre. In doing so, it will consolidate the entire Québec petrochemical industry, which now includes among its components PX, PTA and at last, PTT,” stated Jacinthe Dauphin, President and Chief Operating Officer, SGF Chemical.
SGF Chimie is a subsidiary of the Société générale de financement du Québec whose mission is to implement economic development projects in cooperation with partners under normal profit conditions. Since its restructuring in 1998, SGF has generated investments of approximately $7.5 billion and created over 19,400 direct and indirect jobs in projects culminating in the operational phase, not to mention the thousands of jobs created during the construction phase. As at December 31, 2000, SGF had consolidated assets of over $2.3 billion. SGF has 57 international partners with facilities in Quebec. (sgfqc.com)
Investissement Québec is a government corporation whose mandate is to attract foreign investment and help develop businesses of all sizes, with the ultimate goal of creating jobs. In Québec, for the year 2000-2001, Investissement Québec has contributed to the completion of 929 financial agreements, for projects evaluated at some $5.4 billion, which will allow for the creation of more than 24,228 jobs over three years.
For more information about Shell, visit the website www.shellchemicals.com.
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Source:
Nicole Bastien
Attachée de presse
Cabinet de la vice-première ministre
Information:
Sylvie Brousseau
Director Communications
SGF
Noémi G. Labelle
Conseillère en communication
Investissement Québec
www.investquebec.com
Shell Media Relations :
Carole Lieber,
Helen Bow
Shell
,
Tél. : +
www.shellchemicals.com
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