Mitsubishi Chemical and Sinopec Agree on Strategic Business Partnership
14 April 2009
Mitsubishi Chemical Corporation (MCC) and China Petroleum and Chemical Corporation (Sinopec) have agreed to establish a strategic business partnership.
MCC and Sinopec have already engaged in a number of joint ventures in the petrochemical field and in 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 10 years. 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 the new 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 say they 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.