04 August 2011 18:28 [Source: ICIS news]
Also dimming growth prospects in
The Chinese government measures to stem inflation by tightening access to capital have made it more difficult for smaller Huntsman downstream customers to finance working capital, Esplin said.
“In the near-term, we expect [
CEO Peter Huntsman said in some of Huntsman’s end markets in
“But I don’t see that as really a long-term trend,” he added.
“I don’t see a slowdown, where all of a sudden the Chinese government has put the brakes on infrastructure projects and so forth", that would unusually affect Huntsman business, he said.
Peter Huntsman also said the company is still waiting to receive government approval for its planned methyl di-p-phenylene isocyanate (MDI) expansion at
The Chinese permitting process seemed to proceed at “snail’s pace”, Huntsman said.
“We are still working out over a year just to get the environmental permitting,” he added.
But he said there was nothing unique about Huntsman’s experience with obtaining permitting. BASF's MDI project in
“I believe that a lot of these expansions announced in Asia, particularly in China, are going to be coming on substantially later than some in the markets have been publishing and have been speculating,” he added.
Huntsman’s share price fell by more than 20% in Thursday morning trading in
The shares traded at $14.12, down $3.87 or 21.5%, at 12:15 hours New York time (16:15 GMT), on the New York Stock Exchange.
($1 = €0.70)
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