02 June 2006 08:31 [Source: ICIS news]
TOKYO (ICIS news)--Mitsubishi Corp will join the Yen70bn ($620.5m/€484.6m) petrochemical joint venture set up by Japan Energy and Mitsubishi Chemical, the three companies said in a joint statement on Thursday.
Japan Energy and Mitsubishi Chemical last November established a new company, Kashima Aromatics, to build a petrochemicals facility and cooperate on product distribution. Mitsubishi Corp will on June 20 buy a 10% stake in the jv from Japan Energy, which will be left with an 80% holding.
Kashima Aromatics plans to double its capital to Yen20bn by the the end of September.
The company plans to build units including a 60,000 bbl/day condensate splitter at the Kashima petrochemical plant in ?xml:namespace>
The plant will produce 420,000 tonnes/year of paraxylene (PX), 190,000 tonnes/year of benzene and 850,000 kilolitres of light naphtha every year. Japan Energy will take some aromatic products, Mitsubishi Chemical will take the light naphtha, and Mitsubishi Corp will supply condensate and help distribute aromatic products.
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