The official name of the ethylene-propylene rubber to be produced at the plant is ethylene-propylene-diene terpolymer, or EPT.
The new company will be a 50:50 joint venture to be set up during the second half of 2011, and is tentatively called Shanghai Sinopec Mitsui Elastomers.
Commercial operations at the plant are slated for the first quarter of 2014. Total investment in the new plant will be approximately Yen 27 billion ($331 million).
EPT is mainly used in automotive applications such as seals and hoses, and the companies expect demand to grow in China due to the rapidly growing Chinese automobile industry.
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