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Mitsubishi Chemical to spin off petrochemical and carbon operations by fiscal 2023

December 02/2021

MOSCOW (MRC) -- Japan's Mitsubishi Chemical Holdings said on Wednesday it would spin off its petrochemical and carbon operations, at a time when Japan moves to reduce GHG emissions, reported Reuters.

The company did not clarify if the businesses would be sold to a third party or become its subsidiaries, but said in a statement that the operations would be carved out by fiscal 2023.

The statement outlined a new vision for the company and said its plan was part of a bid to "spearhead the reorganization of the domestic basic chemicals industry".

Japan is aiming to cut carbon emissions by 46% by 2030, and become a carbon neutral society by 2050.

As MRC wrote before, Mitsubishi Corp will invest 2 trillion yen (USD17.54 B) by 2030 in alternative energies such as renewables and hydrogen to drive its decarbonization efforts and cut emissions.

We remind that in September 2021, Mitsubishi Corp and Shell Canada Products, by its managing partner, Shell Canada Limited (Shell Canada), signed a Memorandum of Understanding (MoU) relating to the production of low-carbon hydrogen through the use of carbon capture and storage (CCS) near Edmonton, Canada. Mitsubishi Corp said it aims to build and start-up the low-carbon hydrogen facility near the Shell Energy and Chemicals Park Scotford towards the latter half of this decade, and Shell would provide CO2 storage via the proposed Polaris CCS project. The low-carbon hydrogen, commonly called blue hydrogen, would be produced via a natural gas feedstock and exported mainly to the Japanese market to produce clean energy.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.

Mitsubishi Chemical with headquarters in Tokyo, Japan, is a diversified chemical company involved in petrochemicals, polymers, agrochemicals, speciality chemicals and pharmaceuticals. The company's main focus is on three business pillars: petrochemicals, performance and functional products, and health care.
Author:Margaret Volkova
Tags:PP, PE, gas processing, petrochemistry, recikling, Mitsubishi Chemical, Shell, Japan.
Category:General News
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