TOKYO, March 18 Japanese polyester fibre maker
Teijin Ltd has decided to dissolve its paraxylene joint
venture with Showa Shell Sekiyu KK and Mitsubishi Corp
at the end of March, and then carry on the business
alone, Teijin said on Monday.
The venture to make and sell paraxylene was set up in
February 2008. Showa Shell, Japan's fifth-largest oil refiner,
provides it with stable supplies of mixed xylene used to make
paraxylene supplied to the Teijin group.
The venture is 50.1 percent owned by Teijin, with 44.9
percent held by Showa Shell and the rest by Mitsubishi Corp.
The move would have little impact on groups earnings, Teijin
The announcement came on the day that Showa Shell announced
it had reached basic agreement with rival TonenGeneral Sekiyu
to pursue a wider tie-up in oil refining, oil supplies
(Reporting by Osamu Tsukimori; Editing by Clarence Fernandez)