JAPAN: Teijin exits paraxylene production; follows decision to opt out of JV

Last year, the company said it had a made a decision to dissolve its TS Aromatics Ltd. paraxylene joint venture with Showa Shell Sekiyu and Mitsubishi Corp. and to continue to operate the business on its own.

TS Aromatics was established in 2008 to operate Teijin's 290,000-t/y Matsuyama plant. At the time, Teijin, holding a 50.1% interest, said the venture would allow it to spin off its paraxylene operations as a separate company.

Showa Shell held a 44.9 % stake and Mitsubishi a 5 % stake in TS Aromatics, which Teijin noted was liquidated in the third quarter of fiscal 2013.

Source: Weekly "PetroChemical News", Durham, NC, USA; 11 Aug 2014
(Syed Rashid Ali, Karachi, Pakistan)