South Hampton Resources inks 3 year contract worth US$15-21 mln with a JV in Middle East

07-Sep-09
One of the leading players of the specialty petrochemicals industry American Development Co.’s petrochemical subsidiary - South Hampton Resources Inc., has signed a three-year contract with a Middle Eastern joint venture. The JV is between a major European petrochemical manufacturer and a Middle Eastern national petrochemical company to deliver over 5 million lbs per annum for 100% of the supply of high purity C5's to the joint venture's state-of-the-art polyethylene facility. Product began shipping early in 2009 on a trial basis for the contract which came into effect in August 2009. With this sale, the company’s international business, including Mexico and Canada, is expected to to make up about 20% of total revenues over the next 12 months. Arabian American Development Company (ARSD) owns and operates a petrochemical facility located in southeast Texas just north of Beaumont which specializes in high purity petrochemical solvents and other solvent type manufacturing.
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