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Mitsui Chem Withdrawing Participation In Keiyo Ethylene Co. Joint Venture:: 4 Feb 2013 :: Tokyo - Mitsui Chemicals had decided to withdraw from the business operations of Keiyo Ethylene Co. (KEC), a joint venture with Maruzen Petrochemical Co. and Sumitomo Chemical Co. KEC, in which Mitsui holds a 22.5% interest, began operations in 1995 as part of an effort to reinforce domestic olefin supply infrastructures. However, Mitsui explained, recent changes in the global ethylene market have resulted in "an urgent need to fundamentally restructure and reform domestic petrochemical business" for sustainability. Mitsui said it has been conducting studies of its operations, including continued participation in KEC with Maruzen and Sumitomo, and their possible participation in the Ichihara, Japan, ethylene complex of Chiba Chemicals Manufacturing LLP, a venture of Mitsui and Idemitsu Kosan Co. Based on these studies, Mitsui, Maruzen and Sumitomo agreed that Mitsui will withdraw from KEC by the end of fiscal 2014. Mitsui said it will further strengthen participation in Chiba Chemicals Manufacturing as one of many efforts to restructure its petrochemical business. |
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