Mitsubishi Gas Chemical Co. plans to build China's biggest methanol plant
TOKYO -- Mitsubishi Gas Chemical Co. is planning to build with a Chinese chemical company a methanol plant in Chongqing, which will have the biggest production capacity in China, company officials said Tuesday.
Mitsubishi Gas and Chongqing Chemical & Pharmaceutical Holding (Group) Co. plan to establish a joint venture in fiscal 2005, owned 51 percent by Mitsubishi Gas and others and 49 percent by Chongqing Chemical, to start methanol production in the city from 2008, the officials said.
The plant, to be built at a cost of 22 billion yen, will produce 850,000 tons of methanol annually, which is made from natural gas and used to manufacture synthetic fiber, they said.
There are abundant natural gas reserves around Chongqing in Sichuan Province, they added.
Mitsubishi Gas plans to sell methanol produced at the plant in the Chinese market, the officials said.
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