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| April 14, 2009 |
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| MCC and Sinopec Agree on Strategic Business Partnership |
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| Mitsubishi Chemical Corporation |
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Mitsubishi Chemical Corporation (MCC; Head office: Minato-ku, Tokyo; President: Yoshimitsu Kobayashi) today announced a basic agreement with China Petroleum and Chemical Corporation (Sinopec, Head office: Beijing, China; Chairman: Su Sulin; President: Wang Tianpu), to establish a strategic business partnership. The goal of the partnership is to use respective advantages in technologies, market, and materials, and further strengthen ties between the two companies to speed up business activities.
MCC and Sinopec have developed a relationship of mutual trust over the years through joint ventures in the petrochemical field and a series of technology alliances. For example, in the field of polypropylene compounds for automotive use, MCC and Sinopec have formed a joint venture for more than ten (10) years. And recently, the two companies have conducted preparations for the establishment of a new joint venture company to produce bisphenol-A and polycarbonate.
The partnership resulting from this agreement will cover joint research, project tie-ups, raw material and finished product supplies, engineering, logistics, technological information exchanges and human resource exchange.
In addition, both companies are actively engaged in reduction of CO2 emissions and effective use of CO2, sustainable energy from organic photovoltaic modules, and other eco-friendly projects.
Through the utilization of this new, forward-looking strategic partnership covering a broad range of potential businesses, MCC and SINOPEC can speed up their expansion of business and shift to higher value-added fields. The two companies expect to use this new business model to contribute to the growth of the chemicals industry throughout Asia.
| For further information, please contact |
Public Relations and Investor Relations Department
Mitsubishi Chemical Corporation |
| Tel: +81-(0)3-6414-3730 |
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