Mitsubishi Chemical says it is exploring options to quit its major purified terephthalic acid (PTA) joint venture, MCC PTA India (Kolkata), because of poor performance. "MCC PTA India's performance has been weak due to supply-demand imbalance in Asia caused by China's excessive overproduction and aggressive export from China. As we do not expect that this situation will be resolved in the short term, we are considering various measures in parallel with other options for rationalization. However, nothing has been decided yet," Mitsubishi says.
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