CEPSA and Sumitomo have entered into an agreement for the
Japanese company to acquire 25% of CEPSA Quimica China, until
now 100% owned by CEPSA.
"Welcoming a partner like Sumitomo is, for us, a major
opportunity, as their company has built up vast industrial
experience in the Asian region and is a leader in the
commercialization of various products," said CEPSA chief
executive Pedro Miro. "We are convinced that our business
activities in China will experience a major boost and that
this agreement will allow us greater flexibility to adapt our
operations to the requirements of Chinese and Asian markets."
The plant that CEPSA is building in Shanghai through its
subsidiary CEPSA Quimica China is currently undergoing the
final phases of construction
Once complete, as well as having the capacity to produce
250,000 tpy of phenol, 150,000 tpy of acetone and 360,000 tpy
of cumene, it will also make CEPSA the second largest
producer of phenol in the world. This raw material is mainly
used in the automotive and construction
manufacture plastics and phenolic resins.
The agreement will combine Sumitomo's Asian market trading
capabilities with CEPSA's experience in the petrochemical
sector, in which it
has been active for over 40 years through its subsidiary
"There are many different markets in China that are growing
at a remarkable pace, such as the automotive sector,"
said Kuniharu Nakamura, CEO from Sumitomo.
"Participating in this company is, for us, an opportunity to
form part of a major, exciting and ambitious project
and we are looking forward
to seeing how it develops.