Mitsui's phenol plant in S'pore

Mitsui's phenol plant in S'pore

SINGAPORE (AP): Japan's Mitsui Chemicals Inc. said Monday it
will build a US$180 million phenol plant on Singapore's Jurong
island, Singapore TV reported.

Mitsui Chemicals, Japan's second-largest petrochemical
concern, is set to establish a joint project venture, called
Mitsui Phenol Singapore Ptd., in April 1999. The company will own
a 90 percent stake in the venture, while a Japanese trading house
Mitsui and Co. will hold the remainder.

At a total investment of $180 million, the joint venture will
construct a plant that will have a production capacity of 200,000
metric tons a year of phenol.

Phenol is a raw chemical material used as dye stuff in textile
manufacturing, and in the production of pharmaceuticals. Asian
demand for the product is expected to climb at an annual average
growth of 6.2 percent to 1.66 million tons in 2002, according to
Mitsui.

Mitsui's plant will be the first phenol plant in the
Association of Southeast Asian Nation region, while representing
the first overseas phenol production site for Mitsui Chemicals,
the officials noted.