19 April 2013 19:50 [Source: ICIS news]
HOUSTON (ICIS)--Celanese’s top executive on Friday said the chemical producer is negotiating with a potential partner for its planned Texas methanol unit and expects to break ground on the project later this year.
Chief executive Mark Rohr did not name the partner in a conference call following an earnings release.
“We expect to be in a position before too long to announce the partnership arrangement for that,” Rohr said.
Celanese’s stock price jumped almost 10% on Friday in response to the company’s announcement that Q1 adjusted earnings per share jumped 44% in the first quarter compared with the same period in 2012.
Celanese shares rose to $46.27 in morning trading, up from a close at $42.23 on Thursday.
Deutsche Bank analyst David Begleiter issued a report predicting that the quarter “will mark a turning point for the shares”.
Begleiter said investor sentiment on Celanese had been negative for the past year because of earnings shortfalls, downward guidance revisions and slow progress on the company's TCX ethanol technology.
Rohr said Celanese’s new 275,000 tonne/year ethanol plant in Nanjing should begin selling industrial ethanol later this year.
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