Mitsui Chemicals plans to discontinue production of polyethylene terephthalate (PET) at its Iwakuni-Ohtake site in Yamaguchi, Japan. The 145 kta PET facility, which began production in 1984, is scheduled to close in October 2024. Since 2013 Japan has seen a rise in imports of cheap PET from overseas, as well as growing demand from recycled PET bottles that do not require virgin resin a combination of factors that has forced Mitsui Chemicals to lower the facility operating rate of its PET business. Against this backdrop, Mitsui Chemicals attempted a wide range of streamlining initiatives to save the business, but has now determined that it is no longer feasible to secure a profit from domestic PET resin production.