Mitsubishi Chemical Starts up PTA Project in Ningbo

On March 19th, 2007 Ningbo Mitsubishi Chemical Company Ltd. put
the 600 thousand t/a PTA (purified terephthalic acid) project
on stream in Daxie Development Zone, Ningbo, Zhejiang province.
With a total investment of US$359 million, Ningbo Mitsubishi
Chemical was jointly established in April 2005 by China
International Trust and Investment Corporation (CITIC Group)
and Ningbo PTA Investment Corporation, respectively holding 10%
and 90% share. (CCR2005, No.18) In the Japan joint venture -
Ningbo PTA Investment Corporation, Mitsubishi Chemical Inc,
Itochu Corp. and Mitsubishi Corp. respectively accounts for 61%,
35% and 4% equity. Construction was started in May 2005 and was
completed on December 31st, 2006.
   The new project fully adopts the 4th-generation Mitsubishi
technology with low energy consumption, advanced technology,
which can meet the environment protection standards in Japan as
well as in China. PTA is the main raw material for the production
of polyester and one of the most important imported chemicals.
   Many PTA projects have been or are planed in Zhejiang province
that has a boomed textile industry. Formosa Plastics Corp. of
Taiwan province is planning to construct another 600 thousand
t/a PTA project also located in Ningbo.