Japan’s oil refiner company Idemitsu Kosan released on Wednesday, August 19, the plan to end the petrochemical joint venture with BASF, German chemical manufacturer, in reason of the sinking demand in the country and a wave of oversupply products caused by Asian plants expansion.
The joint venture will close its Chiba plant in December, the facility making butanediol, organic compound used in engineering plastics and stretchable fibers. Idemitsu also added further that the company will exit from the butanediol business.
