NPRA '02: Huntsman exec sees signs of industry rebound

24 March 2002 23:25  [Source: ICIS news]

SAN ANTONIO, Texas (CNI)--Huntsman Corporation's new chief operating officer told CNI here Sunday he believes the industry has much reason for optimism and expressed encouragement with the rebound this year in several Huntsman businesses.

Don Stanutz offered his views on the industry outlook during a break in meetings at the 27^th annual International Petrochemicals Conference (IPC). Sponsored by the National Petrochemical & Refiners Association (NPRA), the conference runs through Tuesday.

Stanutz said the company "for the most part" has finished with its round of staff reductions that began last year and has no immediate plans for idling any more plants.

He said the company might even re-start its idled olefins plant in Port Neches, Texas as soon as the end of the year. The facility can produce 181 488 tonne/year of both ethylene and propylene.

Regarding last year's job cuts, Stanutz said the company had no other choice, noting that cost reductions ranked as the only strategy where Huntsman had control of its fortunes. He said the company could do nothing about the external factors of the US recession combined with high energy costs.

Stanutz joined with a number of his colleagues here in expressing an optimistic view of the future both for Huntsman Corporation and the industry in general. He compared the atmosphere this year with his experience a year ago and said the transformation in attitude is evident everywhere.

He said: "We are more optimistic and believe chemicals will continue to grow."

By: Gary Taylor
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly