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Establishment of a JV for Operation of Unified Naphtha Cracker in Mizushima

Source: www.gulfoilandgas.com 5/28/2015, Location: Asia

Asahi Kasei Corp. and its subsidiary Asahi Kasei Chemicals Corp., and Mitsubishi Chemical Holdings Corp. and its subsidiary Mitsubishi Chemical Corp. have concluded an agreement to establish an equally held joint venture for the operation of a unified naphtha cracker in Mizushima, based on the agreement announced in a press release dated February 25, 2014.

The naphtha crackers that Asahi Kasei Chemicals and Mitsubishi Chemical have in Mizushima are currently operated by Nishi Nippon Ethylene LLP. After the start-up of the joint venture on April 1, 2016, Nishi Nippon Ethylene LLP will perform the removal and disposal of equipment as required due to unification of the naphtha crackers.

Outline of the new joint venture:
Name: Asahi Kasei Mitsubishi Chemical Ethylene Corporation
Start of operation: April 1, 2016
President: Under study
Head office: Tokyo, Japan
Paid-in capital: ¥2 billion (Shareholding ratio: Asahi Kasei Chemicals 50%, Mitsubishi Chemical 50%)
Sales: Approximately ¥160 billion
Business line: Manufacture of basic petrochemicals for sale to its parent companies; procurement of feedstocks

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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