Mitsubishi Gas Chemical, Nippon Oil partner to produce Paraxylene
24 Oct '05
1 min read
In an effort to increase the petrochemical production Nippon Oil has decided to partner with Mitsubishi Gas Chemical to foray in to paraxylene business.
As per the details, Nippon will pick up 51 percent stake in Mitsubishi company Mizushima Paraxylyne, as part of CRI (Chemical Refinery Integration) under its third consolidated mid-term management plan (2005 to 2007) in April 2006.
Mitsubishi Gas Chemical and others presently own Mizushima Paraxylene.
Through this venture, Nippon Oil is scheduled to peg up its annual paraxylene output to 350,000 tons by 2007 up from 280,000 tons. Overalll production is expected to cross 1.4 million tons mark per year by December 2007.
In another development, Arabian Industrial Fibers Company affiliated to SABIC, has announced expansion that will help the company add 230,000 metric tons of Poly Ethylene Terephthalate (PET) annually.
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