Japan's Mitsui Chemicals and China Petroleum & Chemical Corp., or Sinopec, have formed a 50:50 joint venture to make and distribute ethylene propylene diene terpolymer, or EPDM, Mitsui said Tuesday.
The establishment of the joint venture follows an agreement signed by both companies in December 2011 to build a 75,000 mt/year EPDM plant at Shanghai Chemical Industry Park, with commercial operations expected in Q1 2014.
Mitsui said total investment in the EPDM project will be about Yuan 2 billion ($315 million).
EPDM is used in making automotive parts, electric cables, and in other industrial materials.
