Two firms seek stronger partnership in joint venture

Mitsubishi Chemical Corp. and China Petroleum and Chemical Corporation (Sinopec) have inked a deal on what they brand as "strategic business partnership," establishing an existing joint venture in polypropylene compounding and their plans for a Chinese JV in the manufacture of polycarbonate and bisphenol A. The two firms declined to reveal the details of the deal but hinted it has a far reaching scope, covering a "broad range of potential businesses," as well as joint research, project tieups, raw materials and finished product supplies, engineering, logistics, and information and personnel exchange. The plan with Beijing-based Sinopec comes as Mitsubishi is in the midst of a broader restructuring of operations. The company said it was also looking at rising markets like "green" plastics, lithium ion battery materials, organic photovoltaic modules and chemical components for automobiles. www.sinopec.comSneakers