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| October 6, 1998 |
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| A JOINT VENTURE COMPANY FOR THE MANUFACTURE
OF POLYPROPYLENE COMPOUND FOR THE AUTOMOTIVE APPLICATION TO BE ESTABLISHED IN
CHINA |
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| Mitsubishi Chemical Corporation |
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Mitsubishi Chemical Corp. (President Akira Miura, headquartered in Chiyoda-ku,
Tokyo) in cooperation with Toyota Tsusho Corp. (President Eizo Takeyama, headquartered
in Nakamura-ku, Nagoya City, Aichi Prefecture) has agreed with Beijing
Yanshan Petrochemical Group Co., Ltd. (President Cao Xianghong, headquartered
in Fangshan District, Beijing, Peoples' Republic of China) in the group of China
Petro-chemical Group Corp. (hereinafter called "SINOPEC") for the establishment
of a joint venture company in Beijing for the manufacturing
and marketing of polypropylene (hereinafter called "PP") compound for the automotive
application.
The joint venture company shall start the manufacturing of PP compound for the
automotive application, adopting the technology license from Nippon Polychem Corp.
and securing the raw material PP supply from Beijing Yanshan Petrochemical Group
Co., Ltd. to be engaged in the product marketing mainly for the Japanese and other
automobile manufacturers operating in the northern area of the mainland China.
The establishment of this joint venture company has been decided in compliance
with the establishment of local manufacturing operations by the Japanese and other
automobile manufacturers in China where motorization is now under a progress and
a large and growing automobile market is expected to appear by the beginning of
the 21st century.
In the field of PP compound for the automotive application, Mitsubishi Chemical
Corp. holds the outstanding market share of about 30% in Japan through the operation
of Nippon Polychem Corp. in Japan, while the company has been actively engaged
in global business development about the product by taking such measures as the
establishment of MYTEX POLYMERS in USA as a joint venture company with Exxon Co.,
the technical cooperation in Europe with DSM in Netherlands, etc. The manufacture
and marketing activities by the establishment of this new joint venture company
in China shall mark a further step in the global business development in the field
of PP compound for the automotive application.
| For further information, please contact |
| Mitsubishi Chemical Corporation PR Office |
| Tel: [+81] 3-3283-6254 |
[An Outline of The Joint Venture Company]
| 1. |
Name: |
Beijing Ju-Ling-Yan Plastic Company Limited |
| 2. |
Business to be started: |
During a period from the end of 1998 to the beginning of 1999 |
| 3. |
Capital Stock: |
US $ 350,000_ |
| 4. |
Capital participation: |
55% by Mitsubishi Chemical Corp.; 5% by Toyota Tsusho Corp.
and 40% by Beijing Yanshan Petrochemical Group Co. |
| 5. |
Location: |
Fangshan District, Beijing, Peoples' Republic of China |
| 6. |
Business operations: |
The manufacturing and marketing of polypropylene compound for
the automotive application. |
| 7. |
Chairman: |
To be appointed by the Chinese partner. (Xie Yinhu) |
| 8. |
President: |
To be appointed by the Japanese partners. |
| 9. |
Production capacity: |
2,000 tons/year |
| 10. |
Expected sales amount: |
 500 million/year |
[An Outline of Beijing Yanshan Petrochemical Group
Co., Ltd.]
| 1. Headquarters Office: |
Fangshan District, Beijing, Peoples' Republic of
China |
| 2. President: |
Cao Xianghong |
| 3. Production capacity: |
Petroleum refining: |
about 10 million tons/year |
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Ethylene: |
450,000 tons/year |
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Polypropylene: |
180,000 tons/year |
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