M'Bishi Gas Chemical to Set Up Chinese JV on Methanol Derivatives
Posted on: Thursday, 6 October 2005, 18:00 CDT
Tokyo, Oct. 6 (Jiji Press)--Mitsubishi Gas Chemical Co. said Thursday it will set up a joint venture to produce methanol derivatives in China together with major trading firm Itochu Corp. .
The joint company will launch operations at a chemical plant complex near Nanjing in late 2007, Mitsubishi Gas Chemical said.
The new company, to be capitalized at 19 million U.S. dollars, will be owned 85.1 pct by Mitsubishi Gas Chemical and the remaining 14.9 pct by Itochu and an affiliate called Itochu Chemical Frontier Corp.
In the first local production project in China for Mitsubishi Gas Chemical, the new company will begin by producing dimethylformamide and dimethylacetoamide, as well as dimethylamine, a raw material for these chemicals.
The company plans to expand into the manufacture of other methanol derivatives, such as trimethylolpropane.END
Source: Jiji Press English News Service
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