In an efforts to boost petrochemical production, Nippon Oil has teamed up with Mitsubishi Gas Chemical for a JV project in the paraxylene business. Nippon Oil plans to increase its annual paraxylene production capacity to 350,000 tons by 2007 from an initial 280,000 tons. Production will reach 1.4 million tpa by December 2007.
As part of CRI (Chemical Refinery Integration) under its third consolidated mid-term management plan (2005 to 2007), Nippon Oil will acquire a 51% stake in Mizushima Paraxylyne in April 2006, which is currently owned by Mitsubishi Gas Chemical and others.
24-Oct-05 
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