for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Japan's Idemitsu Kosan to end petrochemical JV with BASF, close plant

FILE PHOTO: A general view of the German chemical company, BASF Schwarzheide GmbH in Schwarzheide, Germany, December 10, 2019. REUTERS/Annegret Hilse

TOKYO (Reuters) - Japanese oil refiner Idemitsu Kosan 5019.T said on Wednesday it will end its petrochemical joint venture with German chemical manufacturer BASF BASFn.DE 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.

Reporting by Yuka Obayashi; Editing by Tom Hogue

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up