July 9, 2012 / 5:06 AM / 5 years ago

Japan's Idemitsu, FPCC in petroleum resin venture

TOKYO, July 9 (Reuters) - Japanese oil refiner Idemitsu Kosan said on Monday it and Taiwan’s Formosa Petrochemical Corp would start a joint venture to make hydro-generated petroleum resin, used in disposable diapers, targeting robust demand from developing countries.

The two firms have reached a basic agreement to set up the 50-50 venture and complete construction in the year starting April 2014, Idemitsu said in a statement.

The venture, to be set up inside FPCC’s plant in Taiwan, is to manufacture 40,000 tonnes of the resin per year, four times the capacity of Idemitsu’s Tokuyama complex in Japan.

Reporting by Osamu Tsukimori; Editing by Ed Lane

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