Annual Report 2013
53/182

MAJOR INITIATIVESPX Trends and PlanThe Cosmo Oil Group is projecting fuel demand in Japan to decrease at an annual rate of 2.5% between 2013and 2017. This is largely attributable to improvements in fuel effi ciency on the back of widespread acceptanceof ecologically minded cars and developments in energy effi cient industrial fuels.Meanwhile, MX, which is produced by the same raw materials as gasoline, and PX, of which MX is a rawmaterial, are projected to experience an increase in demand, as previously mentioned. According to anannouncement by Japan’s Ministry of Economy, Trade and Industry (METI), PX demand in Asia was 21,600,000tonnes in 2011, an increase of 2.9% compared with the previous fi scal year. In addition, demand for purifi edterephthalic acid (PTA), which is made from PX amounted to 31,300,000 tonnes, in Asia, up 4.0% year onyear. PTA is a principal raw material in the manufacture of such commodities as polyester fi bers and PETbottles. Asia and particularly China accounts for around 80% of global demand. The average annual growthrate in Asia is projected at the high level of approximately 6% for both PX and PTA from 2011 to 2017.The Cosmo Oil Group is strategically expanding its Petrochemical Business, which makes effective use ofgasoline constituents, in order to balance the twin needs of growing its business overseas and implementingmeasures against falling demand for gasoline in Japan. From 2013, the Group will produce 600,000 tonnesand 1,180,000 tonnes of MX and PX, respectively, on an annual basis. From a PX perspective, this will placeCosmo Oil at a top level worldwide. Under the 5th Consolidated Medium-Term Management Plan, whichbegan in fi scal 2013, the Group has also projected ?10.0 billion as its ordinary income target for fi scal 2017.This accounts for approximately 10% of the Group total forecast ordinary income for the period.Para-Xylene Production Business Arrangement600,000 tonnes/year of MX supplied to HCPOne of the world’s largest PX production facilitiesboasting a capacity of 1,180,000 tonnes startedoperation in January 2013PX, which has a variety of commercial applications and is used inthe manufacture of clothing and PET bottles, is projected to growat an annual rate of 6.3% between FY2011 and FY2017 in Asiaand primarily the Chinese marketCrude oilHeavynaphthaCrudegasolineMixedxylenePara-xyleneHigh-purityterephthalicacidPolyesterProducts(Clothing andPET bottles)Current area of focusPara-Xylene Refi ning Process

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