Idemitsu Kosan establishes advanced materials company in Korea
Japanese oil and gas company Idemitsu Kosan Co., Ltd. has established Idemitsu Advanced Materials Korea Co., Ltd., to accelerate the research and development of advanced materials such as lithium battery materials, crystalline oxide semiconductors, organic electroluminescence (EL) materials, and new agrochemicals, and to strengthen the marketing system in South Korea.
Idemitsu Advanced Materials Korea Co., Ltd. will establish an R&D center and marketing division in Osan, Gyeonggi-do, South Korea, to create a system to respond more quickly to customer needs. Going forward, Idemitsu will use the new company to deepen its collaboration with South Korean companies and academe.
In November 2022, Idemitsu Kosan released its medium-term management plan which begins from Fiscal Year (FY) 2023 to 2025. A majority of its five business segments—Petroleum, Basic Chemicals, Functional Materials, Power and Renewable Energy, and Resources—are related to fossil fuels. The assets of these businesses account for approximately 70% of the company’s total assets. Its medium-term management plan was formulated to present the company’s current vision and roadmap toward the era of carbon neutrality by 2050.
As part of its medium-term management plan, Idemitsu Kosan announced that it will expand into advanced materials. Idemitsu Advanced Materials Korea Co., Ltd. was established to implement its plan.
The new company’s main purpose is to strengthen its cooperation with South Korea’s global companies that are leaders in advanced technology fields, such as next-generation batteries, high-speed communications, next-generation displays, and environmentally friendly materials. In addition, the establishment of Idemitsu Advanced Materials Korea will accelerate the company’s research and development efforts in the area of advanced materials.