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TOKYO, May 29 (Kyodo) — Mitsui Chemicals Inc. said Tuesday it has founded a joint venture in Shanghai with China Petroleum & Chemical Corp., known as Sinopec, to produce a synthetic rubber for auto parts from 2014.

Shanghai Sinopec Mitsui Elastomers Co., a 50-50 joint venture capitalized at 25 billion yen, will have the capacity to produce 75,000 tons of ethylene-propylene-diene terpolymer, or EPT, per year.

Mitsui and Sinopec are also constructing a joint venture plant in Shanghai to produce such products as phenol for automobiles and electrical appliances.

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