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Japan's Mitsubishi Chemical to spin off petrochemical and carbon operations

TOKYO : Mitsubishi Chemical Holdings said on Wednesday it would spin off its petrochemical and carbon operations, at a time when Japan moves to reduce greenhouse gas emissions.

The company did not clarify if the businesses would be sold to a third party or become its subsidiaries, but said in a statement that the operations would be carved out by fiscal 2023.

The statement outlined a new vision for the company and said its plan was part of a bid to "spearhead the reorganisation of the domestic basic chemicals industry".

Japan is aiming to cut carbon emissions by 46per cent by 2030, and become a carbon neutral society by 2050.

(Reporting by Sakura Murakami; Editing by Devika Syamnath)

Source: Reuters


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