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| April 11, 2000 |
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TELEPHTHALIC ACID MANUFACTURING PLANT
INAUGURATED IN INDIA, COMMENCES OPERATIONS |
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| Mitsubishi Chemical Corporation |
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MCC PTA India Corporation Private Limited has announced the conclusion
of the official inauguration ceremony of a new terephthalic acid manufacturing
plant in Haldia, West Bengal Province, on April 11, 2000, local time. The completion
ceremony was attended by a contingent of 300 representatives led by Mr. Suresh
Prabhu, Minister of Chemicals & Fertilizers, Government of India, Mr. Jyoti Basu,
Chief Minister, Government of West Bengal, and Mr. Hiroshi Hirabayashi, a Japanese
ambassador to India from India and 100 representatives from Japan.
Construction of the new plant was completed on schedule at the end of 1999, with
full operations commencing from February 2000. MCC PTA India Corp. is a joint
venture comprised of seven companies, of which Mitsubishi Chemical Corporation
(Head Office: Chiyoda Ward, Tokyo; CEO: Kanji Shono) owns a 66% equity stake.
The two-year project, completed at a cost of approximately US$383 million, has
an annual terephthalic acid production capacity of 350,000 tons. Terephthalic
acid is the primary chemical compound used in the manufacture of polyester derivatives
such as polyester fiber, PET film, PET bottles and other products.
Market demand for polyester has been increasing worldwide at a rate of 10 percent
per annum. Demand in India has been particularly strong, posting an annual growth
rate of 13 to 15 percent, with similar rates projected for the future. The MCC
PTA India plant was built to meet this domestic demand, as well as to supply terephthalic
acid to manufacturers of polyester-related products elsewhere in Asia.
Mitsubishi Chemical Corp. has positioned terephthalic acid production as a core
business. The Indian plant is the fourth facility of its kind, following those
operational in Matsuyama City, Ehime Prefecture, South Korea and Indonesia. With
a combined annual production capacity of 2.3 million tons, the MCC Group ranks
among the top echelons of global terephthalic acid suppliers, to emerge as a powerful
international presence throughout the polyester chain, from terephthalic acid,
ethylene glycol to PET film to PET bottles.
The MCC Group is currently considering further expansion of its four-plant network,
as well as the addition of new terephthalic production facilities in the future.
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RELEVANT DATA
1. New Plant
| A) |
Location: |
Haldia, West Bengal Province, India
(approx. 100 kilometers south of Calcutta) |
| B) |
Capacity: |
350,000 tons per annum |
| C) |
Manufacturing Process: |
Proprietary Mitsubishi Chemical |
2. MCC PTA India Corp.
| A) |
Incorporated: |
February 1997 |
| B) |
Head Office: |
Calcutta, India |
| C) |
CEO: |
Hiroshi Sano (on assignment from MCC) |
| D) |
Capitalization: |
6.1 billion rupees |
| E) |
Equity Share Ratio:
MCC --66%
Mitsubishi Corporation --9%
Nissho Iwai Corp. --8%
West Bengal Industrial Development Corp. Ltd. --5%
Tomen Corp. --5%
Marubeni Corp. --5%
Sumikin Bussan Corp. --2% |
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| F) |
Employees: |
182 |
3. MCC Terephthalic Acid Production Facilities
| A) |
Japan: |
Matsuyama Plant |
350,000 tons/year |
| B) |
Republic of Korea: |
Sam Nam Petrochemical Co., Ltd. |
1 million tons/year |
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(40% owned by MCC) |
| C) |
Indonesia: |
Bakrie Kasei Corp. |
600,000 tons/year |
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(57.4% owned by MCC) |
| D) |
India: |
MCC PTA India |
350,000 tons/year
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Total: |
2.3 million tons/year |
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| For further information, please contact |
| Public Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81] 3-3283-6274 |
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