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The 39th Asia Petrochemical Industry Conference 2018

20-21 August, Kuala Lumpur, Malaysia – Contents – ● Report on the Japan’s Petrochemical Industry…..1 ● Report by Product

1. General Matters & Raw Materials ……..….....5 2. Polyolefins ………………………………………..14 3. Styrenics …………………………………...……..18 4. PVC & VCM …………………………..………...22 5. Synthetic Rubber …………………….…………26 6. Synthetic Fiber Raw Materials ………..……..29 7. Chemicals ……………………………….………..35

● Petrochemical Industry of Japan ………………….41

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Report on the Japan’s Petrochemical Industry

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The Status of Japan’s Petrochemical Industry in 2017

1. Current situation and future prospects of the Japanese economy 1) The real GDP growth rate for 2017 amounted to 1.6% from the previous year. Against the

backdrop of economic recovery of overseas, improved corporate earnings continued to support the growth of capital investment and personal consumption. Reflecting the recovery of foreign economies, exports grew steadily, centering on general machinery and automobiles. With the improvement in corporate earnings, capital investment continued to grow, centering on measures to solve a labor shortage and to increase productivity. Personal consumption made a mild recovery, although with heavy steps.

2) In 2018, the economy will continue to make a mild recovery, resulting in positive growth. There will be such positive factors as a growing demand for infrastructure construction related to 2020 Tokyo Olympics in line with redevelopment projects in the Tokyo metropolitan area. Exports are expected to continue growing, although at a reduced speed due to lower growth rate in China. With the improvement in corporate earnings, capital investment will continue to grow, centering on measures to solve a labor shortage and to increase productivity. Personal consumption will remain steady. Nevertheless, there are geopolitical risks in North Korea and the Middle East, and risks of a downward pressure on the world economy due to the slowdown of the Chinese economy and political uncertainty in the United States and Europe. Furthermore, it is feared that personal consumption may drop due to a decrease in real wages, following the rise in prices of energy and perishable food. It is also feared that labor shortage may restrict supply in some fields, dragging economic growth.

Japan’s major economic indicators Unit 2016 2017 Q1 Q2 Q3 Q4

Real GDP growth rate 1) % +0.9 +1.6 +1.9 +2.4 +2.4 +1.6

Industrial production index 2) 2010=100 97.7 102.1 100.0 102.1 102.5 104.3

Four-wheel car production 3) 1,000 cars 9,205 9,691 2,542 2,302 2,370 2,477

Housing starts 4) 1,000 houses 967 965 223 250 247 245

Exchange rate 5) JPY/US$ 108.8 112.2 113.6 111.1 111.0 113.0

Crude oil processing 6) 1,000 KL 191,120 186,786 49,640 43,309 47,261 46,576

Sources:

1) Cabinet Office: Quarterly figures for 2017 are seasonally adjusted, and compared with the previous term (annual rate).

2) Ministry of Economy, Trade and Industry (METI): seasonally adjusted

3) Japan Automobile Manufacturers Association

4) Ministry of Land, Infrastructure, Transport and Tourism: Quarterly figures for 2017 are before seasonal adjustment.

5) Bank of Tokyo-Mitsubishi UFJ (TTM, yearly average)

6) METI

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2. Current situation of the petrochemical industry of Japan 1) Japan’s ethylene production in 2017 rose 4% from the previous year, to 6,530,000 tons, with the

average operating rate of crackers reaching 96.8%, up 0.7 percentage point. Operating rates exceeded 95% for two years in a row, due to the reductions in domestic ethylene production capacity carried out until 2016 as well as more-than-expected brisk domestic demand and steady overseas market. Production of all five major plastics (ethylene derivatives) increased year-on-year. Domestic demand (ethylene equivalent) increased 5% from the previous year, to 5,057,000 tons, recovering to the five-million-ton range for the first time in three years.

Japan’s ethylene production and ethylene-equivalent balance Unit 2016 2017 Q1 Q2 Q3 Q4

Production KT 6,279 6,530 1,672 1,566 1,607 1,685

Domestic demand (ethylene equivalent) KT 4,815 5,057 1,263 1,201 1,266 1,327

Export (ethylene equivalent) KT 2,234 2,321 618 592 552 559

Import (ethylene equivalent) KT 770 848 209 226 212 201

Source: METI

Japan’s production of major petrochemicals Unit LDPE HDPE PP PS PVC (Five

plastics total)

SM EG AN

2015 KT 1,520 897 2,501 638 1,646 7,202 2,415 727 440

2016 KT 1,540 825 2,466 640 1,651 7,122 1,948 632 420

2017 KT 1,593 885 2,506 656 1,706 7,345 2,085 715 435

Source: METI

2) In 2018, demand in both Asia and Japan will remain steady. We need to closely monitor the

influence of shale-gas-derived U.S. petrochemical products on the supply-demand balance in Asia. The influence is expected to be limited, however, as shutdown maintenance of crackers will be concentrated in 2018.

3. Tasks for the petrochemical industry of Japan 1) Optimizing production capacity and shifting to high-value-added areas

The move of cracker closures has come to a halt. Reorganization and concentration of derivative plants are still progressing, however, centering on polyolefins. While overall capacity is being reduced, producers of derivatives are accelerating their move to shift from commodities to high-value-added areas and to expand high-performance product lines.

2) Increasing cost competitiveness The industry is going to face fierce global competition due to the influx of shale-gas-derived petrochemicals from North America. Thus, the industry needs to increase cost competitiveness

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more than ever. While there is difference by company, the following are major steps being taken to increase cost competitiveness: a) Vertical alliance with oil refineries, and horizontal alliance within a complex and with related

firms around the complex b) Development of new products from unused cracker fractions, and their effective use c) Replacement of aging derivative plants to achieve higher efficiency with lower operating

cost d) Cost reductions through pursuit of energy conservation

3) Measures to protect safety and the environment The petrochemical industry places high priority on safety and stable operation because troubles with equipment operated at high rates could greatly affect customers as well. To enhance the safety level, the industry is taking various measures to increase the management’s commitment, foster safety culture, and utilize new technologies, such as Internet of Things and artificial intelligence. Furthermore, the industry is called on to make contributions toward resolving environmental issues, including global warming. Under such circumstances, the industry is working hard to take appropriate measures in cooperation with the government.

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1. General Matters & Raw Materials

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Item: Naphtha, LPG, Heavy Condensate and Gas Oil

1. Supply and Demand Balance (Unit: 1, KKL; 1,000 MT for LPG)

2015 2016 2017

Naphtha Demand For ethylene

For BTX

31,788

18,321

28,813

19,397

30,307

19,689

Total demand (1) 50,109 48,210 49,996

Supply Domestic For petrochemicals

For other products

19,071

135

19,934

68

18,758

32

Total 19,206 20,002 18,791

Import For petrochemicals 27,799 24,087 27,057

Total supply (2) 47,005 44,089 45,848

LPG Demand For ethylene 626 708 620

Heavy Condensate Demand For ethylene 320 113 238

Gas Oil Demand For ethylene 127 107 63 Sources: Chemical Industry Statistics by METI; Customs Clearance Statistics by MOF Note: The differences between (1) and (2) are due to the use of different sources.

2. Naphtha Import Quantities by Exporting Countries (Unit: 1,000KL)

Country 2015 2016 2017 United Arab Emirates 3,164 4,344 4,926

Qatar 3,686 4,282 4,138

India 3,169 2,509 3,389

Korea 4,541 3,593 2,993

Kuwait 2,117 2,233 2,847

Russia 2,279 1,921 2,363

Saudi Arabia 3,847 1,589 2,317

Bahrain 709 808 887

Algeria 938 298 568

USA 690 258 545

Norway 453 449 230

Peru 50 239 184

Others 2,156 1,564 1,670

Total 27,799 24,087 27,057

Source: Customs Clearance Statistics by MOF

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3. Market Trend in 2017

1) Demand for Naphtha

30,307 KKL of Naphtha was consumed by Japanese ethylene producers in 2017. It was 5.2% increase

from 2016 because of higher cracker operation thanks to healthy demand of all products. Naphtha demand for BTX production was almost the same with its figure in 2016.

2) Domestic Naphtha Supply

Domestic Naphtha supply for the petrochemicals sector in 2017 was 18,758 KKL, which was 5.9% lower than the previous year. It was about 37.5% of total Naphtha supply to the Japanese petrochemical sector. The main reason for that decrease of domestic Naphtha supply was lower crude throughput comparing to it in 2016.

3) Imported Naphtha

27,057 KKL of Naphtha was imported to Japan for petrochemical uses in 2017. It was 2,970 KKL, or 12.3% increase from the previous year.

Import from UAE which was the largest country of import in 2017 was increased by 582 KKL to 4,926 KKL.

4) LPG

LPG consumption for petrochemicals in 2017 was decreased by 12.4% from the previous year to 620 KMT due to lower economics of it as feedstock for petrochemicals.

5) Heavy Condensate

The consumption of heavy condensate was increased by 110.6% from 2016 to 238 KKL in 2017. 6) Gas Oil

The consumption of gas oil in 2017 was 63 KKL, 41.1% decreased from the previous year. The share

of gas oil as petrochemical feedstock for naphtha was only 0.1%.

4. Outlook for 2018

1) The current demand of petrochemicals sector is firm and high operation rate of steam cracker will be maintained in 2018. Given the current macro-economic outlook, ethylene output in Japan is expected to continue at the same level of 2017.

2) Deficit of naphtha supply in east of Suez will be continued as far as steady demand of petrochemicals

sector is maintained, but it may be covered by the supply of arbitrage Naphtha from Europe and America and other feedstock (e.g. LPG) availabilities.

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Item: Olefins

1. Supply and Demand Balance (Unit : 1,000MT)

2015 2016 2017

Ethylene Production 6,883 6,279 6,530 Export 929 702 701 Import 7 141 132

Propylene

Production 5,723 5,223 5,459

(From Cracker) (4,502) (3,975) (4,162)

(From FCC) (1,221) (1,248) (1,297) Export 1,326 940 883 Import 12 111 154

Butadiene Production 935 873 916 Export 34 34 27 Import 39 54 62

Source: Chemical Industry Statistics by METI, Trade Statistics by MOF 2. Market Trend in 2017 The produced volume of olefins in Japan in 2017 increased from that in 2016 due mainly to the decrease in numbers of plants shut down for periodic maintenance or repairs from six in 2016 to three in 2017. The average of operating rates of domestic naphtha crackers increased from 96.2% in 2016 to 96.9% in 2017, which was the highest average operating rate in the past five years. This high operating rate was a result of strong demand for olefins in Asia including Japan, the year-round higher cracker margin than that in the previous year, and the increase in operating rates of plants other than crackers and plants to produce derivatives which were permanently shut down by the end of 2016. 1) Ethylene The production volume of ethylene in 2017 was 6,530KT, an increase of 4%, or 251KT, from 6,279KT in the previous year. This increase was caused by a decrease in the number of naphtha crackers subject to periodic maintenance from that in the previous year, and the increase in operating rate of naphtha crackers due to the increase in the demand for derivatives including PE, SM, and EDC.

The domestic ethylene equivalent demand in 2017 also increased 5%, or 242KT, from that in 2016, to 5,057KT in 2017. On the other hand, in 2017, export of ethylene was 701KT and import of it was 132KT, which were at the same level as those in 2016. Therefore, all of the increase in production volume of ethylene was supposed to be consumed in Japan to respond to the increase in domestic demand.

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2) Propylene The production volume of propylene in 2017 was 5,459KT, an increase of 5%, or 236KT, from 5,223KT in the previous year. Propylene production from naphtha cracker increased 187KT, and propylene production from FCC increased 49KT. Both of them were about 4% to 5% increase from those of the previous year.

The export volume of propylene in 2017 decreased 57KT from the previous year, and the import volume of propylene in 2017 increased 43KT from the previous year. The decrease in export volume and the increase in import volume were caused mainly by the increase in domestic demand for derivatives including PP and phenol surpassing the increase in production of propylene. 3) Butadiene The production volume of butadiene in 2017 was 916KT, an increase of 5%, or 43KT, from the previous year. The export volume of butadiene decreased 7KT, to 27KT, and the import volume of butadiene increased 8KT, to 62KT, both from the previous year. The amount of domestic demand for butadiene increased 58 KT from the previous year, to 951KT, due mainly to the increase in domestic production volume of derivatives including ABS and SBR. 3. Outlook for 2018 In 2018, many naphtha crackers in Northeast Asia are expected to have periodic shutdown maintenance, seven in Japan, three in South Korea, and one in Taiwan. Moreover, the number of new plants such as naphtha crackers, CTOs and MTOs in Northeast Asia are quite limited. On the other hand, the demand for olefins in 2018 is expected to continue steady growth not only in Japan but also in the whole area of Asia including China.

Therefore, naphtha crackers in Japan are expected to maintain high operating rates throughout 2018.

However, in the second half of 2018, the Asian market environment for olefins may be gradually affected by the expected increase in the amount of inflow of polyethylene from shale-gas-based ethane crackers and polyethylene plants in the U.S. which are scheduled to start operations from late 2017 to the first half of 2018. 4. Estimated Issues in the future Global demand for ethylene is expected to continue increasing in proportion to the rate of global economic growth.

On the other hand, the speed of increase in the global supply of ethylene in the near future is expected to be slower than that estimated before 2017 due partly to a delay in startup of operation of ethane crackers in the U.S., and delays in or revisions to construction and expansion plans concerning CTOs and MTOs caused by a decline in crude oil price and stricter environmental regulations in China.

However, plans to newly establish ethane crackers in the U.S. will surely be implemented. There are many plans announced in succession to newly establish large crackers in Asia centering in China following the favorable cracker margin of these days. Therefore, progress in these plans and changes in growth rate of the demand for olefins may negatively affect the operating rates of crackers in Japan due to deterioration in market conditions caused by an ease in supply demand

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balance for olefins in Asia. Under these circumstances, Japanese petrochemical companies will continue strengthening

competitiveness through various measures including regional alliances, shift from general purpose products to high-value-added products, and vertical integrations, thereby improving and stabilizing their profitability.

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Item: Benzene, Toluene, Xylene 1. Supply and Demand Balance 1) Benzene

(Unit: 1,000MT)

2015 2016 2017

Supply Production 4,061 4,073 4,379 Import 292 61 150 Total 4,353 4,134 4,529

Demand

Domestic 3,720 3,244 3,763

Export 618 888 751

Total 4,338 4,132 4,514 Capacity 5,667 5,722 5,741

Source: Chemical Industry Statistics by METI, Trade Statistics by MOF

2) Toluene (Unit: 1,000MT)

2015 2016 2017


Demand

Domestic 1,286 1,377 1,469

Export 751 596 676

Total 2,037 1,973 2,145 Capacity 2,606 2,606 2,680


3) Xylene (Unit: 1,000MT)

2015 2016 2017


Demand

Domestic 4,413 4,645 4,804

Export 2,026 1,999 1,953

Total 6,439 6,644 6,757 Capacity 8,487 8,844 8,803


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1) BTX production in Japan As for 2017 Benzene, Toluene and Xylene production, all BTX production increased. Benzene production increased by 7.5% to 4,379KTA, Toluene production increased by 8.4% to 2,152KTA and Xylene production increased by 1.1% to 6,779KTA from previous year respectively. Total BTX production increased by 4.3% to 13,310KTA compared with previous year.

2) BTX domestic demand ・Benzene

Benzene domestic demand increased by16.0% to 3,763KTA compared with previous year. The main Benzene derivative Styrene monomer, Phenol and Cumene production surpassed previous year. To be more specific, Styrene monomer which consist 44% of Benzene demand increased by7.1%, Phenol and Cumene which consist 24% of Benzene demand increased by 13.6% compared with the previous year.

・Toluene

Toluene domestic demand increased by6.7% to 1,469KTA compared with previous year. The main factor of increase was supported by the high demand of Para-xylene. It increased the TDP demand, which consist 52% of toluene, by 11.1% compared with the previous year.

・Xylene Xylene domestic demand increased by 3.4% to 4,804KTA compared with previous year. The main factor of increase was supported by isomerization demand. It consist 98% of xylene demand and it had increased by 3.5% compared with previous year.

・Total BTX domestic demand increased by 8.3% to 10,036KTA compared with previous year.

3) BTX Export and Import

Due to the strong domestic demand Benzene export quantity decreased by 15% to 751KT, while import quantity increased by 146% to 150KTA compared to the previous year.

Toluene export quantity remarkably increased by 13.4% to 676KT for Asian export. Import quantity which is normally a small amount has decreased by 47% to 4KTA compared to the previous year.

Xylene export quantity slightly decreased by 2.3% to 1,953KTA. There was no import two years in a row.

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2. Outlook for 2018 BTX demand in Japan is expected to be approximately same level as previous year 2017. 1) Benzene Benzene domestic demand is expected to be decreased by 8% mainly due to the Benzene derivative Styrene Monomer plant maintenance. Phenol and Cumene domestic demand is expected to be the same as 2017. Benzene export quantity will recover to the level of 2016 and demand of total Benzene demand is expected to be 97% compared with previous year 2017. 2) Toluene Toluene domestic demand and export quantity is expected to remain the same as last year. Total Toluene demand is expected to be 100% compared with previous year 2017. 3) Xylene The domestic production of xylene is expected to decrease by 5% due to the maintenance of isomerization plant. Xylene export quantity is expected to have slight increase by 2%. Total xylene demand is expected to be 97% compared with previous year 2017.

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2. Polyolefins

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Item: Polyolefins

1. Supply and Demand Balance Domestic demand: Including raw resins and finished products

Unit: 1,000MT, ( )･･･％ over previous year

2015 2016 2017 ‘17/’16

(％)

LDPE (including L-LDPE,

EVA)

Supply

Production 1,713 1,744 1,770 1

Import of Raw Material Resins 269 294 315 7

Import of Finished Products 385 398 416 5

Import Total 654 692 731 6

Demand

Domestic 2,142 2,125 2,167 2

Export 246 277 240 -13

Total 2,388 2,402 2,407 0

Production Capacity 2,218 2,233 2,233 0

HDPE

Supply

Production 897 825 885 7




Demand

Domestic 1,224 1,245 1,306 5

Export 134 129 137 6

Total 1,358 1,374 1,443 5


PP

Supply

Production 2,501 2,466 2,506 2




Demand

Domestic 2,707 2,808 2931 4

Export 309 276 287 4

Total 3,016 3,084 3218 4

Production Capacity 2,874 2,874 2,759 -4


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2. Actual shipments of products manufactured in Japan for supply to the home market in 2017

Unit: 1,000MT, ％over previous year

LDPE HDPE PP

Film 674 2 170 -0 496 1

Laminating 264 3 Oriented Tape (Flat Yarn) 23 -2 22 -0

Injection Molding 87 5 111 7 1,351 2

Blow Molding 43 1 183 1 24 31

Fiber 37 -5 111 0

Pipe 16 -1 57 -5

Wire and Cable 57 -2

Others 356 1 165 -1 436 3

Total 1,496 2 745 0 2,441 2



1) Domestic demand PE: Throughout the year, total polyethylene (PE) domestic demand for resins and finished products increased by 3%, 103,000MT from the previous year, LDPE increased by 2%, 42,000MT, and HDPE increased by 5%, 61,000MT. Total domestic production increased by 3%, 86,000 MT from the previous year, LDPE increased by 1% 26,000MT and HDPE increased by 7%, 60,000 MT. The shipment of the domestic products of LDPE increased by 2%, HDPE almost stayed. Especially, Film and Laminating (LDPE) increased steadily, and injection molding of (LDPE & HDPE) increased from the previous year. PP: Domestic demands increased by 4% over the previous year. It is speculated that the return from the imported products to the domestic ones (General goods & OPP film) or the shift from the imported polypropylene (PP) resin to the domestic PP, with the depreciation of the yen. Domestic shipments of PP resin manufactured in Japan, on the other hand, increased by 2% over the previous year. It is estimated that the 2nd half of this year was sluggish in the field excluding industrial parts and fibers due to the shortage of domestic resin from domestic manufacturer problems occurred in the 2nd half of this year.

2) Imports PE: The imported resins increased by 16%, LDPE increased by 7% and HDPE also increased considerably by 33% from the previous year.

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The imported finished products increased by 3%, LDPE increased 5% and HDPE also increased by 2%. PP: The Imported of raw materials increased 24% over the previous year. It is estimate that the import volume has increased significantly in order to compensate for the shortage of domestic resin caused by domestic manufacturer troubles occurred in the 2nd half of this year. Import of overall products increased by 5% over the previous year especially nonwoven fabrics and film sheets grew.

3) Exports PE: The exported resins decreased by 7%, LDPE decreased by 13%, but HDPE increased by 6% from the previous year. PP: The exported of PP increased 4% over the previous year. It is infer that competitiveness has increased due to the depreciation of the yen. On the other hand, in recent years, there is no big change as the total quantity. 4. Outlook for 2018 PE: It is expected to be steady growth of economy in 2018 and then consumption of PE will be expected to increase.

PP: The domestic PP demand will stay steady and remain strong particularly in the toiletry, food and fiber

segments.

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3. Styrenics

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Item: PS (GP/HI) 1. Supply and Demand Balance (Unit: MT)

2015 2016 2017 17/16 (%)

Supply

Production 674,600 687,600 706,100 3 Import 40,600 31,400 30,500 -3 Total 715,200 719,000 736,600 2

Demand

Domestic Demand 635,900 662,600 670,100 1 Export 22,500 29,900 31,600 6 Total 658,400 692,500 701,700 1


Source: Japan Styrene Industry Association, Trade Statistics by MOF

2. General Results of PS in 2017 Annual production for 2017 slightly increased to 706,100 tons, up 3% compared to the previous year, recovering to 2010 production levels (703,300 tons). Production was relatively strong throughout the year. Domestic shipments were 670,100 tons, up 1% from the previous year. Results by application show that the packaging application decreased by -2% compared to the previous year. The sundries and industrial application maintained moderate growth, increasing by 1% on a full-year basis. The application for foamed styrene maintained relatively steady growth in 2017 with 6% increase compared to the previous year. Electric & electronic and industrial applications, while having a small volume, had a steady growth in 2017 with 2% increase compared to the previous year. Exports, while having a small volume, increased to 31,600 tons, up 6% from the previous year. Looking at the demand structure of 2017, both production and domestic shipments slightly exceeded those of the previous year on a full-year basis, recovering to 2010 production & domestic shipments level. Imports fell to 30,500 tons due in part to the exchange rate, which was offset by an increase in domestic shipments. 3. Outlook for 2018 The aggregate domestic demand including import slightly increased to 700,600 tons, up 1% compared to the previous year. In a situation in which there are concerns about the exchange rate, raw fuel prices, impact of BZ prices, PS alternative trends, etc., the development of new usages, etc., is a critical issue for maintaining and improving domestic demand.

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Item: Styrene monomer 1. Supply and Demand Balance

(Unit: MT)

2015 2016 2017 17/16 (%)

Supply

Production 2,412,600 1,947,900 2,084,500 7 Import 0 2,100 0 - Total 2,412,600 1,950,000 2,084,500 7

Demand Domestic Demand 1,411,900 1,416,000 1,488,500 5 Export 1,009,600 551,200 592,400 7 Total 2,421,500 1,967,200 2,080,900 6

Production Capacity 2,255,000 1,949,000 1,949,000 -

Source: Japan Styrene Industry Association, Trade Statistics by MOF 2. General Results of SM in 2017 Annual production for 2017 was 2,084,500 tons, increasing by 7% from the previous year. Although, regular maintenance and repair works took place in 2017, as the result, the production volume increased from the previous year. Domestic shipments were 1,488,500 tons, gradually increasing by 5% from the previous year, maintaining a stable shipment volume. Results by applications show that shipment for PS production, the main use of SM, remained at around the level of the previous year. ABS increased significantly by 18% compared to the previous year, furthermore synthetic rubber grew 12% compared to the previous year. EPS slightly increased from the previous year, and overall, shipments for respective applications excluding PS grew steadily. Exports showed 7% increase to 592,400 tons compared to the previous year. In 2017 annual production was increased, so both domestic shipments and exports increased from the previous year. In 2017 overall, while there were regular maintenances and repair works at styrene manufacturers, a high operating rate was maintained. 3. Outlook for 2018 Production capacity will be under 2,000,000 tons, therefore maintained a high operating rate will be requested. And the production and shipment structures will be similar to the previous year.

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Item: ABS Resin (Unit: MT, %)

Source: Chemical Industry Statistics by METI, Trade Statistics by MOF, Japan ABS polymer Industry Association

2015 2016 2017 Growth Rate

Supply

Production 376,300 360,100 395,000 10

Import 41,100 48,300 40,300 -17

Total 417,500 408,400 435,300 7

Demand

Domestic 229,800 226,600 246,700 9

Export 127,900 146,000 150,500 3

Total 357,600 372,500 397,200 7

Nameplate Capacity n.a. n.a. n.a.

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4. PVC & VCM

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Item: Polyvinyl Chloride (PVC) 1. Supply and Demand Balance

(Unit: Qty.:1,000 metric tons, Ratio: %)

Source: VEC (the Vinyl Environmental Council), Trade Statistics by MOF 2. Domestic Shipments by Application Segments (Unit: Qty.:1,000 metric tons, Ratio: %)

2015 2016 2017 Qty. Ratio Qty. Ratio Qty. Ratio

Rigid 549 -6 547 -0 575 5 Flexible 240 -3 246 3 250 2 Cables, others 219 -3 218 -0 220 1 Total Domestic Shipments 1,008 -4 1,011 0 1,045 3

Ratio: percentage of the application within all applications Source: VEC 3. Production Capacity

(Unit: 1,000 metric tons per year)

2015 1,929 2016 1,929 2017 1,929

Source: METI 4. Market Trend in 2017 (1) Production Volume

The production volume of PVC in 2017 was 1,664KT, which was 47KT more than the previous year. When we looked at the components, only the Import was the same level as the previous year, and the others were increasing. The Domestic Demand was 34KT more than 2016.The Export was 23KT more than 2016.The difference from 2016 was that the enlargement of Japanese PVC production was lead by not only the growth of export, but also Domestic Demand.

(2) Domestic Shipments & Demand The Domestic Shipment was 1,045KT, which was about 3% higher than the previous year. The Domestic

2015 2016 2017

Qty. Ratio Qty. Ratio Qty. Ratio Production 1,577 13 1,617 3 1,664 3 Domestic Shipment 1,008 -4 1,011 0 1,045 3 Import 5 -23 4 -20 4 0 Domestic Demand 1,013 -5 1,015 0 1,049 3 Export 567 76 585 3 608 4 Total Shipment 1,575 14 1,596 1 1,653 4

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Demand of PVC in 2017 was 1,049KT, which went up a little level from 2015-2016. Japanese domestic demand has been same as previous year in 2016, but this year was a little different.

・Rigid Application The shipment for rigid application was 575KT, which was about 5% higher than the previous year. Among rigid application, the demand for Pipe and Injection accounts for 70%. So, it is said that the demand of rigid application is influenced by the number or of new-housing. In 2017, the total floor area of Non-residential facilities increased especially. It was lead by the construction for Tokyo Olympic Games. Such a high level of demand is expected to keep in 2020.

・Flexible and others application

The demand for Flexible application was 250KT which was 2% higher than the previous year, and the demand for Cable and others was 220KT which was 1% higher than 2016.It was lead by the growth of the factory automation, number of auto sales(106% on 2016),and etc.

(3) Exports The export from Japan was 608KT, which was 4% higher than the previous year. The shipments to India rose significantly because Indian demand showed about 6% growth per year and Japanese material became the key source more than Taiwanese. Historically, Taiwanese was the biggest PVC supplier in India. But in 2017, Japan became that.

5. Outlook for 2018

Generally speaking, Domestic Demand of PVC seems to keep the high level from 2017 to Tokyo Olympic Games 2020.It will depend on the construction for Olympic, and growth of factory automation related about IoT. The big topic of Domestic Production is that each company has the Large-term (about 30-50days) maintenance in 2018. So, the production in Japan will be less than 2017. They will reduce the amount of Export. Because of this large maintenance, the price of PVC to India is expected to rise up. And, no company has a plan of the big expansion of PVC capacity in 2018. In conclusion, PVC companies in Japan will manufacture fully because Demand will keep the high level and having such maintenances.

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Item: Vinyl Chloride Monomer (VCM) 1. Supply and Demand Balance

(Unit: Qty.:1,000 metric tons, Ratio: %) 2015 2016 2017

Qty. Ratio Qty. Ratio Qty. Ratio Production 2,550 12 2,588 1 2,723 5 Domestic Shipment 1,689 11 1,699 1 1,776 5 Import 0 - 0 - 0 - Domestic Demand 1,689 11 1,699 1 1,776 5 Export 874 20 874 0 950 9 Total Shipment 2,563 14 2,574 0 2,726 6 Source: VEC, Trade Statistics by the MOF 2. Production Capacity

(Unit: 1,000 metric tons per year)

2015 2,774 2016 2,774 2017 2,774

Source: METI 3. Market Trend in 2017 1) Production Volume

The production volume of VCM in 2017 was 2,723 thousand tons, that was 105.2% on the previous year. 2) Shipments

The domestic shipment of VCM in 2017 was 1,776 thousand tons. That was 104.5% on the previous year, as the result of increased domestic PVC production.

4. Outlook for 2018

VCM production in 2018 is expected to decrease compared to that 2017, because the shutdown maintenance is planned longer than in 2017 at some VCM plants. Therefore, the shipments of VCM in 2018 will be less than in 2017.

26

5. Synthetic Rubber

27

Item: Synthetic Rubber

1. Supply and Demand Balance

(Unit: MT, %)

2015 2016 2017

Actual Annual

Change Actual

Annual

Change Actual

Annual

Change

SBR (Solid)

Production 494,200 2 454,900 -8 473,000 4

Import 63,500 15 61,100 -4 59,600 -2

Shipment

Domestic 307,000 -8 296,200 -4 297,600(1) 1

Export 213,000 -6 218,300 2 233,400 7

Total 520,000 -7 514,500 -1 531,000 3

Capacity 611,000 +1 606,000 -1 598,000 1

BR (Solid)

Production 310,600 15 288,600 -7 317,800 10

Import 29,900 -13 29,100 -3 24,600 -15

Shipment

Domestic 231,800 11 189,500 -18 190,800(1) 1

Export 135,500 11 153,500 13 143,800 -6

Total 367,300 11 343,000 -7 334,600 -3

Capacity 296,000 0 295,000 0 295,000 0

Others

Production 878,200 4 820,700 -7 829,900 1

Import 72,600 -8 65,900 -9 66,400 1

Shipment

Domestic 349,200 -12 381,700 9 385,200(1) 1

Export 445,400 -4 482,300 8 486,100 1

Total 794,600 -8 864,000 9 871,300 1

Capacity

Total

Production 1,668,300 4 1,564,200 -6 1,620,700 4

Import 166,100 -1 156,100 -6 150,600 -4

Shipment

Domestic 888,000 -5 867,400 -2 873,600(1) 1

Export 793,900 -2 854,100 8 863,300 1

Total 1,668,300 -4 1,721,500 3 1,736,900 1

Capacity

Source: Chemical Industry Statistics by METI, Trade Statistics by MOF, (1)The Japan Rubber Manufacturers Association (JRMA)

28

2. Market Trend in 2017 Against the background of steady improvement of employment and income situation, gradual increase in private consumption, and expansion of exports due to strong external demand, the Japanese economy is on a moderately recovery trend. Consequently, the growth rate of Japanese real GDP for 2017 is expected approximately 1.5%. (1)

The number of the domestic car production was 9.7 million units, up by 5% from the previous year. (2)

The car exports increased 2%, and the domestic sales increased 5% due to the good sales of new models and rising purchase wills of consumer, the domestic car production rose.

Domestic tire production resulted in 145 million units, down by 1% from the previous year. (3) Although the

domestic sales were good, export sales were decreased for three consecutive years. The domestic production of SR was 1.6 million MT, a 4% up from the previous year. The demands remained firm both for domestic and overseas. 3. Outlook for 2018 The Japanese economy is expected to continue expanding, with an expected 1.2%growth rate of the Japanese

real GDP in 2018. (1)

The Bank of Japan (BOJ) set the inflation target on 1.4%, and kept timeline for 2% target to around 2019. The BOJ is continuously coordinating necessary policies with Japanese Government to achieve “Price stably target” of 2%. The number of the domestic car production is expected 9.5 million units, a 2% down from the previous year.

Domestic tire production is expected to decrease 1%, since the domestic and overseas demands will be slightly less than the previous year. The domestic production of SR is expected to the same level as the previous year. The demand trends won’t change so big both in domestic and overseas. ＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿ (1) International Monetary Fund (IMF) (2) Japan Automobile Manufacturers Association, Inc. (JAMA) (3) Japan Automobile Tire Manufacturers Association, Inc. (JATMA)

29

6. Synthetic Fiber Raw Materials

30

Item: Ethylene Oxide(EO), Ethylene Glycol(EG) 1. Supply and Demand Balance

EO （Unit：MT）

2015 2016 2017

Supply Production 933,000 867,400 945,800 Import - - -

Total 933,000 867,400 945,800

Demand Domestic 411,400 411,400 433,300 Direct Export - - -

Total 411,400 411,400 433,300 Year-end Capacity 921,000 921,000 921,000

Excluding the demand for EG


EG （Unit：MT）

2015 2016 2017

Supply

Production 726,600 631,300 714,900

Import 3,900 5,700 4,000

Total 730,600 637,000 718,900

Demand

Domestic 392,400 383,800 399,100

Direct Export 338,000 266,300 322,500

Total 730,400 650,100 721,600


2. Market Trend in 2017 The Japanese EO demand of 2017 increased by 5% compared with the previous year. The demand for surfactant which is the main EO application has increased due to the continuing expansion of the liquid detergent market, and the demand for the other EO applications has also increased. As for EO supply, production volume increased by 9% due to a shorter shutdown maintenance period of each company compared with the previous year. The Japanese EG demand of 2017 increased by 4% compared with that of 2016. Although the demand for polyester which is the main EG application has decreased due to the continuing decline in demand since 2014, the demand of the other EG applications has increased. In terms of the export volume of EG from Japan in 2017, it increased by 21% due to a shorter shutdown maintenance period of each company compared with the previous year.

31

3. Outlook for 2018 The Japanese EO demand of 2018 is expected to be a slight increase. The demand for surfactant will keep increasing due to the continuing expansion of the liquid detergent market. On EG domestic demand in 2018, it is expected to decline in demand below the previous year. The demand for anti-freezing is expected to be the same level as the previous year, but the demand for polyester is expected to be a decrease continuously. In terms of export volume of EG from Japan in 2018, it is expected to decrease due to be a longer shutdown maintenance period compared with 2017.

32

Item : Acrylonitrile (Unit: 1,000MT)

2015 2016 2017 ‘17/’16

(％)

Supply

Production 440 420 435 4

Import 19 25 17 -32

Total 459 445 452 2

Demand

Domestic 446 439 437 -0

Export 5 15 23 56

Total 451 454 460 1

Year –end Capacity 496 498 498 0 Note: Capacity excludes turn-around capacity investigated by Ministry of Economy, Trade and Industry

Domestic demand includes import demand. 1. Acrylonitrile Market Trend in 2017

(a) The amount of Acrylonitrile ("AN") production in Japan has increased by 4% to 435 thousand metric tons from the previous year. The increase is attributed to the sustainable demand for AN, especially from Acrylonitrile-Butadiene-Styrene (“ABS”) resin.

(b) The amount of AN import to Japan has decreased by 32% to 17 thousand metric tons from the previous year.

<Import amount by countries> (unit: 1,000MT) 2017 2016 Korea 6 14 USA 11 11 Total 17 25

(c) The amount of AN export from Japan has increased by 56% to 23 thousand metric tons from the previous year.

<Export amount by countries> (unit: 1,000MT) 2017 2016 Korea 8 5 China 7 0 Malaysia 7 4 India 1 0 Taiwan 0 6 Total 23 15

(d) The supply/demand situations of AN derivatives in Japan were as follows:

① The amount of Acrylic Fiber ("AF") production has decreased by 5% to 120 thousand

metric tons from the previous year. The reduction of profitability caused by increase in raw material cost has led to decreased AF production.

② The amount of ABS resin production increased by 10% to 400 thousand metric tons from

33

the previous year. The increase is attributed to growing demand especially from automobiles.

③ The demand for other AN derivatives remained the same level compared to the previous

year.

・To summarize the above, the domestic demand for AN remained the same level (437 thousand metric tons) compared to the previous year. The total demand for AN, which includes export amount from Japan, was 460 thousand metric tons, increased by 1% from the previous year.

2. Global AN Market Outlook for 2018 ・The demand for AN in 2018 is expected to grow.

・The demand from AF is considered to decrease from 2017. ・The demand from ABS resin is expected to increase from 2017, reflecting continuous growth in Asia, especially in China. ・The demand from other AN derivatives, including Carbon Fiber, Acrylamide, and Nitrile-Butadiene Rubber is also expected to grow continuously.

34

Item: Caprolactam 1. Supply and Demand Balance

（Unit：MT）

2015 2016 2017 Supply Production 257,300 214,300 221,200

Import - - - Total 257,300 214,300 221,200

Demand Domestic 127,400 123,900 136,000

Export 131,100 94,900 84,100

Total 258,600 218,800 220,100

Source: Chemical Industry Stats. by METI Trade Stats. by MOF

2. Market Trend in 2017 An operation ratio of caprolactam (CPL) plant in Japan was increased from a previous year’s and reached 80%, 221KMT under favorable aspects at the global market. Its production volume has headed north at the first time since CY2010. An Asian merchant market in CY2017 had been closed by better ending for CPL-PA6 chain. A CPL spread over Benzene improved much more than CY2016’s. A CY2017 market started US$2,000/MT (CFR) over in the following prosperous conditions at the end of CY2016. After hitting the lowest price in May, CPL price stably went up. China who had expanded CPL capacity at 1million MT in CY2017 was into unstable operation due to shortage of raw material, environmental inspection/audit, technical troubles etc. Asian market received less U.S.A./Europe exported cargoes. Strong PA6 demand also, in addition to the aforesaid supply situation, supported CPL market and lifted up CPL price. 3. Outlook for 2018 A market fundamental seems to remain unchanged from CY2017’s. In China, her new administration will have kept the current environmental policy and raw material situation will not see any big improvement. U.S.A./European market has mostly made balance between supply and demand, and has not needed to export CPL to Asia. In the meanwhile, China has an expansion project at 770KMT on a paper in CY2018. If all goes well on schedule, China market will increase CPL nominal capacity by approx. 2million MT within this 2-year. PA6 capacity also has been more. As one of outlets of CPL business, CPL manufactures have turned to their own captive use from sales of CPL itself. PA6 instead of CPL may enter into tough competitions and it is afraid of domino effects to trigger dull CPL market. To prevent to go back to unfeasible business conditions, Price Formula system is applied between CPL and PA6 sectors widely, and coalition/integration within CPL-PA6 chain is accelerated. Both directions aforesaid are challenges to contribute more stable market and business transactions. A good sign like this is expected to guide the market properly.

35

7. Chemicals

36

Item: Acetaldehyde 1. Supply and Demand Balance

(Unit: MT)

2015 2016 2017

Supply Production 90,600 87,100 87,500

Import - - -

Total 90,600 87,100 87,500

Demand

Domestic 92,200 87,700 92,600

Export - - -

Total 92,200 87,700 92,600

Production capacity (at year-end) 289,000 289,000 177,000

Source: Chemical Industry Statistics by METI; Trade Statistics by MOF, etc.

2. Market Trend in 2017 Demand for acetaldehyde is stable after ethyl acetate application gets lost.

3. Outlook for 2018 Demand is expected to be unchanged with previous year.

37

Item: Acetic Acid 1. Supply and Demand Balance

(Unit: MT)

2015 2016 2017

Supply Production n.a. n.a. n.a. Import 130,800 115,300 144,800 Total n.a. n.a. n.a.

Demand Domestic n.a. n.a. n.a. Export 27,900 28,100 15,900 Total n.a. n.a. n.a.

Production capacity (at year-end) n.a. n.a. n.a.

Source: Chemical Industry Statistics by METI Trade Statistics by MOF

2. Market Trend in 2017 1) Domestic demand

Production rate for VAM continuously kept high level because demand for deliberates were also high level and depreciation of Japanese Yen supported their export business. The demand for PTA also kept firm volumes under the tight supply-demand balance in Asia. Acetic anhydride kept same level because its main application as LCP and cellulose acetate was running at normal production rate during 2017. Esters production volume increased because of firm consumption on Japan market.

2) Import volume increased comparing with 2016, because of longer shut down terms at Daicel in 2017,

than annual year. 3) Export volume decreased comparing with 2017, and most of them were shifted to domestic supply.

3. Outlook for 2018 1) Domestic demand is expected to keep same level.

Tight balance in Asia including Japan will continue during 2018, in terms of environmental regulations and expansion of demand in China. VAM production is expected keep high production rate during whole year. Demand for PTA and Acetic anhydride is expected to keep same volumes.

2) Import is expected to keep same volumes 3) Export volume of Acetic acid is expected slightly decrease particularly until second quarter of this year.

International VAM supply-demand balance is expected to keep well balance especially ethylene based process. PTA is also keeping healthy operation rate.

38

Item: Phthalic Anhydride (PA) 1. Supply and Demand Balance

（Unit : MT）

2015 2016 2017

Supply

Production 155,800 158,500 162,400

Import 100 100 100

Total 155,900 158,600 162,500

Demand

Domestic 106,100 107,000 115,321

Export 48,900 53,500 49,800

Total 154,900 160,500 165,121

(Data Source) Production: Chemical Industry, Statistics (METI) Import/Export: Import Export Statistics (MOF) Domestic Demand: Japan Dyestuff and Industrial Chemicals Association (JDICA)


1) Production of the phthalic anhydride was 162,400MT increased the previous year. 2) The domestic demand was 115,321MT increased the previous year. Demand for main use's plasticizer was 109% compared with the previous year, 101% for paints, 101% for unsaturated polyester resins.

3) Export was 49,800 tons and 92% compared with the previous year. (Due to the production trouble)

3. Outlook for 2018 Export is expected to increase compared with 2017. (Due to keep the high price in Asian market.)

39

Item: Phenol 1. Supply and Demand Balance

(Unit: MT, %)

2015 2016 2017

Supply Production 645,700 +10 587,300 -9 675,600 15

Import 34,900 -8 72,900 109 53,900 -26

Total 680,600 +8 660,200 -3 729,500 10

Demand Domestic 595,500 -1.2 600,860 0.9 658,500 9.6

Export 78,800 -9 64,300 -18 60,600 -6

Total 674,300 -2.2 665,160 -1.4 719,100 8.1

Source: Industrial and Chemical Statistics by METI, Customs Clearance Statistics by MOF

2. Market Trend in 2017 1) In 2017, GDP growth rate was 1.5%, which was slightly improved from previous year. 2) The domestic demand in 2017 was 659KT, 9.6% increased from previous year.

Consists of BPA use (373KT : +8.7% from 2016), Phenolic resin use (126KT : -3.7% from 2016). Demand for BPA grew significantly led by Polycarbonate demand growth. Phenolic resin demand is stable. New application, cyclohexanone also contributed demand growth. Export volume was 61KT, which was 4KT decrease from 2016. Import was 54KT, which was 19KT decrease from 2016.

3) Operation ratio was 91%. Higher than previous year because of active demand. 3. Outlook for 2018

Demand remains active. Demand for cyclohexanone, which started second half of 2017, will contribute whole year. Production will decrease because of longer maintenance shutdown. Therefore import quantity will increase to cover domestic demand.

40

Item：Methanol

(Unit：1,000 tons)

2015 2016 2017

Supply

Production 0 0 0

Import 1,697 1,628 1,760

Total 1,697 1,628 1,760

Demand

Domestic 1,691 1,596 1,743 Export 6 32 17

Total 1,697 1,628 1,760

Source: Chemical Industry Statistics by METI Trade Statistics by MOF

41

Petrochemical Industry of Japan

2018

Japan Petrochemical Industry Association

42

INDEX

Material Flow .................................................................................................................................. 1

Geographical Locations of Petrochemical Complexes ........................................ 2

Production Capacity ................................................................................................................... 3

Ethylene Production ................................................................................................................... 4

Export/ Import Balance as Ethylene Equivalent ..................................................... 5

The Members of the Association ............................................................................... 6～8

43

Material Flow (2017)

(Unit:1,000 ton)

Low-density Polyethylene 1,770 (Including LLDPE, EVA)

High-density Polyethylene 885

Vinyl Chloride Monomer 2,723

Ethylene Oxide 946

Acetaldehyde 87

Styrene Monomer 2,085

Others n.a.

Polypropylene 2,506

Acrylonitrile 435

Propylene Oxide 417

Phenol 676

IPA 230

Octanol 217

Others n.a.

Butadiene 916

Others n.a.

Benzene 4,379

(Including coaltar aromatics) Toluene 2,152

Xylene 6,779

Others n.a.

(Includes propylene from refinery gas)

Ethylene 6,530 (30)

Propylene 5,459 (19)

Others (20)

C4 Fraction 2,796 (11)

Pyrolysis Gasoline 4,544(20)

Aromatics

(Cracking)

(Extraction)

Domestic 18,758 Imports 27,057 Total 45,815

LPG Heavy Condensate Gas Oil

Naphtha Supply

(Unit: 1,000 KL)

１

44

Geographical Locations of Petrochemical Complexes

Mitsubishi Chemical Corp. (Yokkaichi) Tosoh Corp. (Yokkaichi) Mitsui Chemicals, Inc. (Osaka) Asahi Kasei Mitsubishi Chemical Ethylene Corp. (Mizushima) Mitsui Chemicals, Inc. (Iwakuni Otake) Idemitsu Kosan Co., Ltd. (Shunan) Showa Denko K. K. (Oita)

JX Nippon Oil & Energy Corp. (Kawasaki)

Tonen Chemical Corp. (Kawasaki)

Maruzen Petrochemical Co., Ltd.

( Ichihara) Mitsui Chemicals, Inc.

(Ichihara) Idemitsu Kosan Co., Ltd.

(Chiba) Sumitomo Chemical Co., Ltd.

(Anegasaki Sodegaura)

Mitsubishi Chemical Corp. (Kashima)

２

45

Production Capacity (as of December, 2017)

(in 1,000 metric tons)

Product Capacity Note

Ethylene

Benzene

Toluene

Xylene

Para-xylene

6,155

5,741

2,680

8,803

3,682

Low-density Polyethylene

High-density Polyethylene

Polypropylene

Polystyrene

Polyvinyl Chloride

2,233

1,142

2,759

853

1,929

Including LLDPE, EVA

GP・HI

Ethylene Oxide

Acrylonitrile

921

498

Synthetic Rubbers SBR 598

BR 295

Styrene Monomer

Vinyl Chloride Monomer

Acetaldehyde

1,949

2,774

177

３

46

Ethylene Production (in 1,000 metric tons)

Year Production Annual Growth (%)

’00 7,614 ▲ 1

’01 7,361 ▲ 3

’02 7,152 ▲ 3

’03 7,367 3

’04 7,570 3

’05 7,618 1

’06 7,552 ▲ 1

’07 7,739 3

’08 6,882 ▲ 11

’09 6,913 0

’10 7,018 2

’11 6,689 ▲ 5

’12 6,145 ▲ 8

‘13 6,696 9

‘14

6,647

▲ 1

‘15

6,883

4

‘16

6,279

▲ 9

‘17

6,530 4

7,361

7,152

7,367

7,739

6,6896,6966,882

7,5707,614 7,618

6,913

6,145

6,883

6,647

7,552

7,018

5,000

6,000

7,000

8,000

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17


6,530

6,279

４

47

Export/Import Balance as Ethylene Equivalent


Year Export

(A)

Import

(B)

Net Export (A-B)

Export Ratio (%)

Import Ratio (%)

’05 2,270 422 1,848 29.8 7.3

’06 2,294 489 1,805 30.5 8.6

’07 2,391 394 1,996 30.9 6.9

’08 1,829 541 1,287 26.6 9.7

‘09 2,940 407 2,533 42.5 9.3

‘10 2,435 535 1,901 34.7 10.4

‘11 2,193 709 1,484 32.8 13.6

‘12 1,910 704 1,205 31.1 14.3

‘13 2,398 672 1,726 35.8 13.5

‘14 2,193 737 1,456 33.0 14.2

‘15 2,583 594 1,990 37.5 12.1

‘16 2,235 770 1,465 35.6 16.0

‘17 2,321 848 1,473 35.5 16.8

2,435

1,910

541 535

2,193

2,1932,235

2,584

2,398

2,940

2,2702,294

1,829

2,391

2,321

770704

594

737672

709

407394422

489

848

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17


Export

Import

５

48

Company Address Phone URL

Sumitomo Chemical Co., Ltd. Tokyo Sumitomo Twin Bldg (East)., 2-27-1, Shinkawa, Chuo-ku, Tokyo 104-8260, Japan

+81-3-5543-5500

http://www.sumitomo-chem.co.jp/english/

JXTG Nippon Oil & Energy Corporation

1-2 Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8162, Japan +81-3-6257-7150 http://www.noe.jx-group.co.jp/english/

Maruzen Petrochemical Co., Ltd. 1-1,Irifune 2-chome, Chuo-ku, Tokyo 104-8502, Japan +81-3-3552-9361 http://www.chemiway.co.jp/en/index.html

Mitsui Chemicals, Inc. Shiodome City Center, 1-5-2, Higashi-shimbashi, Minato-ku, Tokyo 105-7117, Japan

+81-3-6253-2100 http://www.mitsuichem.com/index.htm

JSR Corporation Shiodome Sumitomo Bldg., 1-9-2, Higashi-Shinbashi, Minato-ku, Tokyo 105-8640, Japan

+81-3-6218-3500 http://www.jsr.co.jp/jsr_e/

Nippon Shokubai Co., Ltd. Kogin Bldg., 4-1-1, Koraibashi, Chuo-ku, Osaka 541-0043, Japan +81-6-6223-9111 http://www.shokubai.co.jp/en/

Hibiya Dai Bldg., 1-2-2, Uchisaiwai-cho, Chiyoda-ku, Tokyo 100-0011, Japan +81-3-3506-7475

ZEON CORPORATION Shin Marunouchi Center Bldg., 1-6-2, Marunouchi, Chiyoda-ku, Tokyo 100-8246, Japan +81-3-3216-1772

http://www.zeon.co.jp/index_e.html

Mitsubishi Chemical Corporation 1-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8251, Japan

+81-3-6748-7300 http://www.m-kagaku.co.jp/index_en.htm

Tonen Chemical Corporation 1-2 Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8162, Japan +81-3-6257-5000 http://www.tonengeneral.co.jp//english/index.html

JNC Corporation Shin Otemachi Bldg., 2-2-1 Otemachi, Chiyoda-ku, Tokyo 100-8105, Japan

+81-3-3243-6760 http://www.jnc-corp.co.jp/english/index.html

Showa Denko K.K. 1-13-9, Shiba Daimon, Minato-ku, Tokyo 105-8518, Japan +81-3-5470-3235 http://www.sdk.co.jp/english/

The Members of the Association (As of May, 2017)

６



http://www.chemiway.co.jp/en/index.html

http://www.chemiway.co.jp/en/index.html

49


Du Pont-Mitsui Polychemicals Co., Ltd.

Shiodome City Center, 1-5-2, Higashi-shimbashi, Minato-ku, Tokyo 105-7122, Japan

+81-3-6253-4000 http://www.mdp.jp

Idemitsu Kosan Co., Ltd.

3-1-1, Marunouchi, Chiyoda-ku, Tokyo 100-8321, Japan +81-3-3213-3115 http://www.idemitsu.com/?sscl

=head05

28Fl., JP Tower, 7-2, Marunouchi 2-Chome, Chiyoda-ku, Tokyo 100-7028, Japan +81-3-3213-3605

Asahi Kasei Corporation 1-105 Kanda Jinbocho, Chiyoda-ku, Tokyo 101-8101, Japan

+81-3-3296-3000 http://www.asahi-kasei.co.jp/a

sahi/en/index.html

Daicel Corporation Grand Front Osaka Tower-B, 3-1, Ofuka-cho, Kita-ku, Osaka, 530-0011, Japan +81-6-7639-7171 http://www.daicel.com/en/

JR Shinagawa East Bldg., 2-18-1, Konan, Minato-ku, Tokyo 108-8230, Japan +81-3-6711-8111

Denka Co., Ltd. Nihonbashi Mitsui Tower, 2-1-1, Nihonbashi-Muromachi, Chuo-ku, Tokyo 103-8338, Japan

+81-3-5290-5055 http://www.denka.co.jp/eng/to

p.htm

Ube Industries, Ltd. Seavans North Bldg., 1-2-1, Shibaura, Minato-ku, Tokyo 105-8449, Japan +81-3-5419-6110 http://www.ube-ind.co.jp/engli

sh/index.htm

1978-96, Kogushi, Ube city, Yamaguchi 755-8633, Japan +81-836-31-2111

Tosoh Corporation Shiba-koen First Bldg., 3-8-2, Shiba, Minato-ku, Tokyo 105-8623, Japan

+81-3-5427-5103 http://www.tosoh.com/

NIPPON STEEL & SUMIKIN CHEMICAL CO., LTD.

Akihabara UDX 13F, 4-14-1, Sotokanda, Chiyoda-ku, Tokyo 101-0021, Japan

+81-3-5207-7600 http://www.nscc.nssmc.com

７

50


Tokuyama Corporation Front Place Akihabara, 1-7-5, Sotokanda, Chiyoda-ku, Tokyo 101-8618, Japan +81-3-5207-2500 http://www.tokuyama.co.jp/eng/index.html

1-1, Mikage-cho, Shunan city, Yamaguchi 745-8648, Japan +81-834-34-2000

Kuraray Co., Ltd. Ote Center Bldg., 1-1-3, Otemachi, Chiyoda-ku, Tokyo 100-8115, Japan +81-3-6701-1000 http://www.kuraray.co.jp/en/

Umeda Hankyu Building Office Tower, 8-1, Kakudacho, Kita-ku, Osaka 530-8611, Japan

+81-6-7635-1000

Mitsubishi Gas Chemical Co., Inc. Mitsubishi Bldg., 2-5-2, Marunouchi, Chiyoda-ku, Tokyo 100-8324, Japan +81-3-3283-5000

http://www.mgc.co.jp/eng/index.html

KH Neochem Co., Ltd Tsukamoto Bldg.4F, 1-6-5, Nihonbashi-Honcho, Chuo-ku, Tokyo 103-0023, Japan +81-3-3501-3550 http://www. khneochem.co.jp/en/

SunAllomer Ltd. Tennoz Central Tower 27F, 2-2-24, Higashi-shinagawa, Shinagawa-ku, Tokyo 140-0002, Japan

+81-3-5781-5608

http://www.sunallomer.co.jp/eng/index2.html

Japan Polyethylene Corporation Palace Bldg. 1-1-1, Marunouchi, Chiyoda-ku, Tokyo 100-8251, Japan +81-3-6748-7189 http://www.pochem.co.jp/jpe/index.html

Japan Polypropylene Corporation Palace Bldg. 1-1-1, Marunouchi, Chiyoda-ku, Tokyo 100-8251, Japan +81-3-6748-7190 http://www.pochem.co.jp/jpp/index2.html

Prime Polymer Co., Ltd. Shiodome City Center, 1-5-2, Higashi-Shimbashi, Minato-ku, Tokyo 105-7122, Japan +81-3-6253-4500 http://www.primepolymer.co.jp/english/index.html

Taiyo Oil Co., Ltd. Hibiya kokusai Bldg. 15F, 2-2-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo 100-0011, Japan

+81-3-3502-1601 http://www.taiyooil.net/english/

８

Japan Petrochemical Industry Association (JPCA)

SUMITOMO FUDOSAN ROKKO BLDG. 8F, 1-4-1, SHINKAWA, CHUO-KU, TOKYO 104-0033 JAPAN

TEL:+81-3-3297-2011 FAX:+81-3-3297-2017

URL:http://www.jpca.or.jp

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