Japan's Mitsubishi Chemical to spin off petrochemical and carbon operations

TOKYO (Reuters) - Mitsubishi Chemical Holdings said on Wednesday it would spin off its petrochemical and carbon operations, at a time when Japan moves to reduce greenhouse gas emissions.

The company did not clarify if the businesses would be sold to a third party or become its subsidiaries, but said in a statement that the operations would be carved out by fiscal 2023.

The statement outlined a new vision for the company and said its plan was part of a bid to "spearhead the reorganisation of the domestic basic chemicals industry".

Japan is aiming to cut carbon emissions by 46% by 2030, and become a carbon neutral society by 2050.

(Reporting by Sakura Murakami; Editing by Devika Syamnath)

(c) Copyright Thomson Reuters 2021. Click For Restrictions -
https://agency.reuters.com/en/copyright.html