Idemitsu and Mitsui polyolefin JV gets approval

14-Feb-05

Mitsui Chemicals and Idemitsu Kosan have got approval for a new polyolefin venture Prime Polymer. The JV, to be owned 65% by Mitsui and 35% by Idemitsu, had been announced in May but had been waiting for approval by the Japan Fair Trade Commission. Total capacity of Prime Polmer will exceed 2 million metric tpa. Polypropylene will comprise almost 60% of the volume to be produced at four plants. This will translate into a 45% market share for Prime, ensuring that the company will be Japan’s largest producer of polypropylene. Other units will comprise two small linear low-density polyethylene (LDPE) plants with annual capacity of 60,000 and 70,000 metric tons. Separately, Sumitomo Chemical and Tosoh Corp. say they will dissolve their linear low-density polyethylene (LLDPE) joint venture through Sumitomo’s acquisition of Tosoh’s 25% share in the venture. The venture, Chiba Polyethylene, operates a 100,000-metric-ton plant in Chiba that Sumitomo wants to equip with a new gas-phase technology. Tosoh will continue to produce linear low-density polyethylene in Yokkaichi.