TOKYO (Dec. 28, 12:25 p.m. ET) — Mitsui Chemicals Inc. and China Petroleum & Chemical Corp. (Sinopec) have formed a joint venture to build a specialty resin plant in Shanghai.
The plant will produce ethylene-propylene-diene terpolymer (EPT) and will begin commercial production in the first quarter of 2014, according to a Dec. 21 news release from Tokyo-based Mitsui and Beijing-based Sinopec.
EPT offers resistance to heat, cold, ultraviolet rays and chemicals. The material is used in auto parts, electric cables and other industrial products.
The plant is expected to be the world's largest EPT production site, officials said.