Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 8 January 2020, 08:37 HKT/SGT

Source: Mitsubishi Corporation
Mitsubishi Corporation Joins PET Chemical Recycling Business

TOKYO, Jan 8, 2020 - (JCN Newswire) - Mitsubishi Corporation (MC) has reached an agreement with Taiwan's Shinkong Synthetic Fibers Corporation (Shinkong), a Taiwan-based major producer of polyester fiber and PET(1), to accept a third-party allotment of shares in the Shinkong subsidiary Thai Shinkong Industry Corporation Ltd. (TSIC), a Thailand-based producer of PET used to make plastic beverage bottles. This subscription will increase MC's share in TSIC from 3.85% to 34%.

TSIC's Construction Site for Expansion

PET is a mono-material boasting excellent transparency, glossiness and barrier properties. Highly recyclable due to well-established collection and recycling facilities, PET has a wide range of applications, including both beverage and food containers and apparel-use textiles. With pressure to transition to circular economies on the rise, there has been growing demand around the world for mono-material packaging. TSIC is responding by expanding its PET production capacity. The company also plans to begin producing recycled PET with new chemical recycling technologies(2), the introduction of which is expected to increase recycling rates.

Shinkong is a core Shinkong Group company and one of Taiwan's leading private enterprises. Since playing a part in Shinkong's establishment in 1967, MC has built up a strong, strategic partnership with the Taiwanese company through the trade of both raw materials and products in its PET value chain, a central part of MC's petrochemicals operations. In addition to increasing its stake in TSIC, MC will be assigning one of its officers to the subsidiary to assist with its management. By leveraging Shinkong's technical expertise, MC promotes recycled PET to the glowing market with a focus on Japanese market and hopes to accelerate initiatives aimed at reducing marine plastics(3), which contribute to "Procuring and Supplying in a Sustainable Manner", one of MC's Key Sustainability Issues. This commitment is in line with the three-value mission (Simultaneous generation of economic, societal and environmental value).

Despite the world growing more and more environmentally conscious toward plastics, plastics will remain a highly functional base material, one that is indispensable to the development of economies. Through its global plastics operations including recycle and development of renewable materials, MC shall continue to address societal challenges to realize circular economies.

(1) Polyethylene Terephthalate
(2) Recycling method to chemically convert plastic waste into feedstock that can be used to produce virgin-like polymers
(3) General term used to describe plastic products and waste that is allowed to flow into the world's oceans instead of being properly disposed of or recycled

Topic: Press release summary
Sectors: Engineering
From the Asia Corporate News Network

Copyright © 2021 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Mitsubishi Corporation Links

Mitsubishi Corporation
Jan 19, 2021 09:25 HKT/SGT
Mitsubishi Corporation: Commercial Operations Commence at Methanol / Dimethyl Ether Plant in Trinidad and Tobago
Dec 24, 2020 16:01 HKT/SGT
Vietnam Pilot Project Utilizing TradeWaltz Platform Adopted Under Government's Supply-Chain Diversification Scheme
Dec 8, 2020 15:01 HKT/SGT
MC Signs Rolling Stock Contracts with Myanma Railways
Nov 24, 2020 13:15 HKT/SGT
Mitsubishi Corporation Signs Contract with Egyptian Government for Phase 1 of Cairo Metro Line 4
Oct 30, 2020 23:10 HKT/SGT
Hitachi Rail and Mitsubishi Corp to Deliver Metro de Panama Line 3 worth JPY 92.0 Billion
Oct 28, 2020 09:30 HKT/SGT
Trials of Jointly Developed Compact LNG Filling System to Commence in Hokkaido
Oct 27, 2020 11:25 HKT/SGT
Mitsubishi Corporation: Cross-Industry Investment by Seven Enterprises in New TradeWaltz Platform
Oct 1, 2020 09:09 HKT/SGT
MC Commences Feasibility Study on Biometric Authentication Platform in Turkey
Sept 23, 2020 15:00 HKT/SGT
Mitsubishi Corporation: Use of CO2 in Concrete / Partnership with Blue Planet Systems Corporation
Sept 15, 2020 08:41 HKT/SGT
Mitsubishi Corporation and Surbana Jurong Joint Venture to Form Partnership with SinarMas Land to Advance Smart, Sustainable Transit-Oriented Developments in Indonesia
More news >>
 News Alerts
Copyright © 2021 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6859 8575

Connect With us: