The official announcement of the old chemical giant: withdraw from the petrochemical and coal chemical business

Japan's veteran chemical giant Mitsubishi Chemical has decided to exit the petrochemical and coal chemical business in the next few years, leading the country's basic chemical industry to integrate towards carbon neutrality
.

On December 1, Mitsubishi Chemical Holdings Corporation announced a new management policy called "Building the Future", covering the end of fiscal 2025
.

Mitsubishi Chemical aims to continuously add value to its stakeholders through a more defined strategy to drive operational excellence and unlock the growth potential of the business
.

Mitsubishi Chemical Holdings has decided to exit its petrochemical and coal chemical businesses, which will be spun off by fiscal 2023, amid Japan's move to reduce greenhouse gas emissions
.

Mitsubishi Chemical did not clarify how those businesses will exit
.
According to foreign media reports, "In the medium term, our goal is to completely exit these businesses
.
" Gilson, the foreign CEO of Mitsubishi Chemical Holdings, pointed out at a briefing that rising energy costs will promote the consolidation of Japan's chemical industry
.
Those businesses could first be merged with another Japanese company, after which Mitsubishi Chemical would exit through a sale or an initial public offering, he said
.

In the future, Mitsubishi Chemical will position electronics, health and life sciences as strategic priorities, while further enhancing its competitiveness in the fields of functional materials such as chemicals, polymers, films and molding materials
.

Meanwhile, Mitsubishi Chemical has allocated 1.
9 trillion yen ($16.
7 billion) for group capital expenditures as part of its future management policy
.
By fiscal 2025, about 750 billion yen will be spent on "growth capital expenditures" and 570 billion yen will be spent on research and development
.

Mitsubishi Chemical said that by fiscal 2025, it will save more than 100 billion yen in annual costs through a series of strategic cost transformation measures
.

Japan pledged last year to achieve net-zero carbon emissions by 2050, and the country's major chemical companies have announced steps to reduce greenhouse gas emissions and achieve carbon neutrality
.

Recently, Mitsubishi Chemical Holdings Co.
, Ltd.
(MCC) has formulated policies to achieve carbon neutrality by 2050
.
In order to achieve the above goals, it is expected that by 2030, about 100 billion yen will be invested in equipment
.