Establishment of EPT joint venture company in China

Mitsui Chemicals, Inc with its Head Office in Tokyo, Japan and China Petroleum & Chemical Corp with its head office in Beijing, China announced formation of a new equal partnership joint venture company, Shanghai Sinopec Mitsui Elastomers, Co., Ltd., to manufacture and distribute EPT (ethylene-propylene-diene terpolymer, see note below).

The two companies conducted joint feasibility studies following the signing of a Letter of Intent in December 2009 and received approval from the Chinese government to establish a joint venture company.

The joint venture company will adopt state-of-the art metallocene catalyst technology and build one of the world's largest and most advanced EPT plants in China's Shanghai Chemical Industry Park.

The rapid expansion of China's automobile industry and development of its social infrastructure (railways, etc.) are expected to significantly increase demand for EPT used in these industries. The joint venture company will target early establishment of manufacturing and distribution to meet needs of a rapidly growing Chinese market.

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