Latest news with #VISION2030
Fibre2Fashion
28-05-2025
- Business
- Fibre2Fashion
Japan's Mitsui Chemicals plans NF3 exit by March 2026
Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu) has decided to withdraw from the nitrogen trifluoride (NF3) business. Currently manufactured by the company's wholly owned subsidiary, Shimonoseki Mitsui Chemicals, Inc. (Shimonoseki, Yamaguchi; President & CEO: YOKAWA Naokazu). Production will cease at the end of March 2026, and sales will end within the same year. Mitsui Chemicals will exit the nitrogen trifluoride (NF3) business by end-2026, ceasing production at its Shimonoseki subsidiary in March. The move aligns with its VISION 2030 plan to shift toward global specialty and green chemicals. Intense price competition, rising input costs, and limited profitability drove the decision despite cost-cutting efforts. Background to the business withdrawal Mitsui Chemicals' VISION 2030 Long-Term Business Plan positions 'Chemistry for Sustainable World' as the company's ideal vision. In pursuing portfolio reform as a basic strategy for achieving this plan, Mitsui Chemicals aims to become a truly global specialty company by leaning on the two key pillars of a high-growth, high-profitability global specialty chemicals business, and a sustainable green chemicals business centered on competitive derivatives. The Semiconductor & Optical Materials Division of Mitsui Chemicals' ICT Solutions Business Sector is engaged in business associated with NF3, a gas used as a cleaning agent for semiconductor and liquid crystal display manufacturing equipment. However, the profitability of the business has been placed under extreme pressure by escalating price competition with overseas products, increasing raw material and utility costs, and rising repair and other costs. In response to this situation, Mitsui Chemicals has undertaken all possible efforts to rationalize the business and reduce costs, but has now determined that it is unfeasible to ensure the level of profitability required to sustain the business and has therefore decided to withdraw from it. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Business Upturn
27-05-2025
- Business
- Business Upturn
Mitsui Chemicals Launches New Corporate Venture Capital Fund ‘321Catalyst™'
By Business Wire Published on May 27, 2025, 09:55 IST TOKYO, Japan: Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu), a global chemicals manufacturer based in Japan, today announced the launch of its second Corporate Venture Capital Fund '321Catalyst™,' as well as the establishment of a new subsidiary '321Catalyst Ventures, Inc.,' which will manage the fund. Building on the success of its first fund, '321FORCE™,' launched with Japanese venture capital Global Brain in 2022, 321Catalyst™'s mission will be to accelerate the building of global innovation partnerships and the launching of new products and business. Through the establishment of the new, independent fund in the USA, Mitsui Chemicals is doubling down on global investments in innovative startups that align with its strategic focus. Strong innovation partnerships with its portfolio companies will allow Mitsui Chemicals to launch new businesses ahead of the race. 321Catalyst™ will have a fund size of $60 million and a life of 10 years. Mitsui Chemicals intends to enhance and strengthen its Basic Strategy of 'building solutions-based business models' as manifested in its Long-Term Business Plan, VISION 2030. Consistent with this goal, Mitsui Chemicals will continue investing in startups across the world to escalate the launching of new products and new businesses as well as the transformation of its business portfolio. Overview of 321Catalyst™, the new Corporate Venture Capital Fund Registered Name 321Catalyst LP Address San Jose, CA, USA Fund Size $60 million Date of Establishment May 6th, 2025 Fund Life 10 years Focus Stage Seed and at all stages beyond Focus Region Global (USA, Europe, Asia, etc.) Focus Industry All industries including Life & Healthcare, Mobility, ICT, Sustainability, and other new industries General Partner 321Catalyst Ventures, Inc. Limited Partner 321Indigo Ventures, Inc. (100% subsidiary of Mitsui Chemicals) Overview of the new subsidiary acting as the General Partner Registered Name 321Catalyst Ventures, Inc. Address San Jose, CA, USA Representative Shunsuke Fujii (President) Business Overview Management of Corporate Venture Capital Funds Date of Establishment April 10th, 2025 Ownership 100% owned by Mitsui Chemicals America, Inc View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Business Wire is an American company that disseminates full-text press releases from thousands of companies and organizations worldwide to news media, financial markets, disclosure systems, investors, information web sites, databases, bloggers, social networks and other audiences.
Business Wire
26-05-2025
- Business
- Business Wire
Mitsui Chemicals Launches New Corporate Venture Capital Fund ‘321Catalyst™'
TOKYO--(BUSINESS WIRE)--Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu), a global chemicals manufacturer based in Japan, today announced the launch of its second Corporate Venture Capital Fund '321Catalyst™,' as well as the establishment of a new subsidiary '321Catalyst Ventures, Inc.,' which will manage the fund. Building on the success of its first fund, '321FORCE™,' launched with Japanese venture capital Global Brain in 2022, 321Catalyst™'s mission will be to accelerate the building of global innovation partnerships and the launching of new products and business. Through the establishment of the new, independent fund in the USA, Mitsui Chemicals is doubling down on global investments in innovative startups that align with its strategic focus. Strong innovation partnerships with its portfolio companies will allow Mitsui Chemicals to launch new businesses ahead of the race. 321Catalyst™ will have a fund size of $60 million and a life of 10 years. Mitsui Chemicals intends to enhance and strengthen its Basic Strategy of 'building solutions-based business models' as manifested in its Long-Term Business Plan, VISION 2030. Consistent with this goal, Mitsui Chemicals will continue investing in startups across the world to escalate the launching of new products and new businesses as well as the transformation of its business portfolio. Overview of 321Catalyst™, the new Corporate Venture Capital Fund Registered Name 321Catalyst LP Address San Jose, CA, USA Fund Size $60 million Date of Establishment May 6 th, 2025 Fund Life 10 years Focus Stage Seed and at all stages beyond Focus Region Global (USA, Europe, Asia, etc.) Focus Industry All industries including Life & Healthcare, Mobility, ICT, Sustainability, and other new industries General Partner 321Catalyst Ventures, Inc. Limited Partner 321Indigo Ventures, Inc. (100% subsidiary of Mitsui Chemicals) Expand Overview of the new subsidiary acting as the General Partner Registered Name 321Catalyst Ventures, Inc. Address San Jose, CA, USA Representative Shunsuke Fujii (President) Business Overview Management of Corporate Venture Capital Funds Date of Establishment April 10 th, 2025 Ownership 100% owned by Mitsui Chemicals America, Inc Expand
Zawya
08-04-2025
- Business
- Zawya
Analysis: How the oil price plunge complicates Saudi Arabia's economic agenda
DUBAI: Saudi Arabia, with its wealth linked inextricably to oil revenue, faces mounting pressure to raise debt or cut spending after a plunge in crude prices, complicating plans to fund an ambitious agenda to diversify its economy. Oil prices have tumbled to near four-year lows on fears a trade war will hit global growth and after a surprise decision by some OPEC+ oil producers, including Saudi Arabia, to boost their output plans. The price decline threatens to erase tens of billions of dollars of Saudi revenue, along with a planned drop in dividends from state-controlled energy giant Saudi Aramco. The International Monetary Fund and economists estimate Riyadh needs oil prices of over $90 a barrel to balance its budget. Benchmark Brent prices slipped below $65 this week. VISION 2030 While Saudi Arabia funds its Vision 2030 reform program off budget, the government needs to spend on mammoth infrastructure projects linked to the program, which aims to wean the economy off its self-declared "oil addiction." The $925 billion Public Investment Fund, which is steering Vision 2030, also partly relies on oil, including through its shares in Aramco. "Saudi Arabia is likely to rely on debt financing, and it will have to delay or scale back some planned contracting awards given 2024 was already in a twin deficit," said Karen Young, senior research scholar at Columbia University's Center on Global Energy Policy, referring to fiscal and current account deficits. Before the U.S. tariffs announcement, she said analysts had expected Saudi public debt to surge by $100 billion in the next three years. It jumped 16% to over $324 billion in 2024, official figures show. Aramco's dividends are also expected to fall by a third this year, meaning the government and PIF will receive about $32 billion and $6 billion less, respectively, Reuters calculations show. Oil generated 62% of government revenue last year. Riyadh has not forecast oil revenue this year but in its 2025 budget released in November, it projected a 3.7% fall in total revenue. RECALIBRATING PIF is also likely to seek additional financing, analysts said. The fund's Governor Yasir Al-Rumayyan said last year it intends to boost annual investments to $70 billion between 2025 and 2030 from $40-50 billion. PIF declined to comment. Saudi Arabia was among the largest emerging market debt issuers last year and the government has already raised $14.4 billion in bonds this year. PIF, which borrowed $24.8 billion last year via bonds and loans, has already raised $11 billion in 2025. Several other state-linked entities have also raised billions. PIF has ploughed hundreds of billions of dollars into the local economy, in everything from a camel dairy firm to NEOM, a gargantuan futuristic city in the desert. Projects ahead include the 2029 Asian Winter Games, set to feature artificial snow and a man-made freshwater lake, and the 2034 World Cup, for which 11 new stadiums will be built and others renovated. The finance ministry is "recalibrating and prioritising" spending to ensure the economy, including the private sector, can "catch up" while avoiding "overheating the economy," a spokesperson said. "We are assessing the recent developments and stand ready to take whatever policy decisions needed to ensure that our fiscal position remains strong," the spokesperson said. "We remain confident that most of our vision targets are either achieved or on track and we will deliver on the key events we are hosting." The plunge in oil coincides with geopolitical realignments as U.S. President Donald Trump upends a global economic order in place since World World II. Trump has pressured OPEC and its de facto leader Saudi Arabia to cut oil prices and urged Riyadh to invest $1 trillion in the United States. He is due to visit Saudi Arabia, Qatar and the United Arab Emirates on his first foreign visit in May. Lower oil prices "will likely lead to additional re-prioritisation of major projects, further rationalisation, revision of delivery timelines and a reduction in project work forces," said Neil Quilliam, associate fellow at the Middle East and North Africa Programme of London-based think tank Chatham House. Yet, the government is likely to view the short-term risk of lower oil prices as worth the long-term benefit, Quilliam said, noting the kingdom enjoys a low debt-to-GDP ratio and confidence from lenders. S&P raised Saudi Arabia's rating to 'A+' from 'A' last month, but said unfavourable oil price movements and more debt-funded investments were among factors that could lower that rating. (Reporting by Yousef Saba; Editing by Elisa Martinuzzi and Bernadette Baum)
Reuters
08-04-2025
- Business
- Reuters
How the oil price plunge complicates Saudi Arabia's economic agenda
Summary Companies Benchmark Brent crude oil has neared four-year lows Oil revenue made up 62% of state budget last year Kingdom and sovereign fund need more debt, analysts say Oil giant Aramco, long-time cash cow, slashing 2025 dividends DUBAI, April 8 (Reuters) - Saudi Arabia, with its wealth linked inextricably to oil revenue, faces mounting pressure to raise debt or cut spending after a plunge in crude prices, complicating plans to fund an ambitious agenda to diversify its economy. Oil prices have tumbled to near four-year lows on fears a trade war will hit global growth and after a surprise decision by some OPEC+ oil producers, including Saudi Arabia, to boost their output plans. The price decline threatens to erase tens of billions of dollars of Saudi revenue, along with a planned drop in dividends from state-controlled energy giant Saudi Aramco. The International Monetary Fund and economists estimate Riyadh needs oil prices of over $90 a barrel to balance its budget. Benchmark Brent prices slipped below $65 this week. VISION 2030 While Saudi Arabia funds its Vision 2030 reform program off budget, the government needs to spend on mammoth infrastructure projects linked to the program, which aims to wean the economy off its self-declared " oil addiction." The $925 billion Public Investment Fund, which is steering Vision 2030, also partly relies on oil, including through its shares in Aramco. "Saudi Arabia is likely to rely on debt financing, and it will have to delay or scale back some planned contracting awards given 2024 was already in a twin deficit," said Karen Young, senior research scholar at Columbia University's Center on Global Energy Policy, referring to fiscal and current account deficits. Before the U.S. tariffs announcement, she said analysts had expected Saudi public debt to surge by $100 billion in the next three years. It jumped 16% to over $324 billion in 2024, official figures show. Aramco's dividends are also expected to fall by a third this year, meaning the government and PIF will receive about $32 billion and $6 billion less, respectively, Reuters calculations show. Oil generated 62% of government revenue last year. Riyadh has not forecast oil revenue this year but in its 2025 budget released in November, it projected a 3.7% fall in total revenue. RECALIBRATING PIF is also likely to seek additional financing, analysts said. The fund's Governor Yasir Al-Rumayyan said last year it intends to boost annual investments to $70 billion between 2025 and 2030 from $40-50 billion. PIF declined to comment. Saudi Arabia was among the largest emerging market debt issuers last year and the government has already raised $14.4 billion in bonds this year. PIF, which borrowed $24.8 billion last year via bonds and loans, has already raised $11 billion in 2025. Several other state-linked entities have also raised billions. PIF has ploughed hundreds of billions of dollars into the local economy, in everything from a camel dairy firm to NEOM, a gargantuan futuristic city in the desert. Projects ahead include the 2029 Asian Winter Games, set to feature artificial snow and a man-made freshwater lake, and the 2034 World Cup, for which 11 new stadiums will be built and others renovated. The finance ministry is "recalibrating and prioritising" spending to ensure the economy, including the private sector, can "catch up" while avoiding "overheating the economy," a spokesperson said. "We are assessing the recent developments and stand ready to take whatever policy decisions needed to ensure that our fiscal position remains strong," the spokesperson said. "We remain confident that most of our vision targets are either achieved or on track and we will deliver on the key events we are hosting." The plunge in oil coincides with geopolitical realignments as U.S. President Donald Trump upends a global economic order in place since World World II. Trump has pressured OPEC and its de facto leader Saudi Arabia to cut oil prices and urged Riyadh to invest $1 trillion in the United States. He is due to visit Saudi Arabia, Qatar and the United Arab Emirates on his first foreign visit in May. Lower oil prices "will likely lead to additional re-prioritisation of major projects, further rationalisation, revision of delivery timelines and a reduction in project work forces," said Neil Quilliam, associate fellow at the Middle East and North Africa Programme of London-based think tank Chatham House. Yet, the government is likely to view the short-term risk of lower oil prices as worth the long-term benefit, Quilliam said, noting the kingdom enjoys a low debt-to-GDP ratio and confidence from lenders. S&P raised Saudi Arabia's rating to 'A+' from 'A' last month, but said unfavourable oil price movements and more debt-funded investments were among factors that could lower that rating.
