Japanese oil refiner Idemitsu Kosan said on Wednesday it will end its petrochemical joint venture with German chemical manufacturer BASF due to slumping demand at home and an oversupply caused by plant expansions in Asia.
The joint venture will in December close its Chiba plant for making butanediol, an organic compound used in stretchable fibres and engineering plastics.
Idemitsu said it will exit from the butanediol business.
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