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March 31, 2006

Boosting Gas Sales in Shanghai, China Opening Ceremony for Jiaxing Iwatani Industrial Gases Air Separation Plant

Iwatani International Corporation

On March 17, Iwatani International Corporation (headquarters: Osaka & Tokyo, President: Akiji Makino, capital: 20,000 million yen) held an opening ceremony and reception for the completion of an air separation plant built in Jiaxing City in Zhejiang, China by Jiaxing Iwatani Industrial Gases Co., Ltd. (capital: 111,351,000 yuan [approx. 1,500 million yen], representative: Fumiaki Ooya) and wholly financed by Iwatani International through Iwatani (China) Limited.
Officials from Jiaxing City and the Consul General of Japan in Shanghai Kumamaru were among the distinguished guests, and Iwatani president Mr. Makino, executive vice president Mr. Watanabe, senior executive director Mr. Kira, and executive director Mr. Miyagawa also attended the ceremony as representatives of Iwatani International.
The plant is situated in the Zhapu economic development zone in Zhejiang, about two hours drive southwest of Shanghai, an area slated for development as a chemical industry complex. The development zone is also located almost midway between Shanghai and Hangzhou, offering easy access to Hangzhou and Ningbo, sites of expected future economic growth. The site also has convenient access to Shanghai, Suzhou, and Wuxi.
The total oxygen, nitrogen and argon manufacturing capacity of the plant is 6,200m3/h. The products are supplied to the neighboring Teijin Chemicals, Ltd. through pipelines, and delivered to general markets in liquid form. The plant is equipped with 1000-ton tanks for nitrogen, 150-ton tanks for oxygen, and 30-ton tanks for argon. These storage tanks were constructed by our affiliate Dalian (JCI) Cryogenic Industries Co., Ltd.
Iwatani was an early player in the Chinese air separation gas business, establishing Dalian Iwatani Gas Machinery Co., Ltd. in 1989, and in 1994 building an air separation plant with manufacturing capacity of 3,000m3/h in Dalian. In 1994, we also established Shanghai Petrochem-Iwatani Gases Development Co., Ltd. as a carbon dioxide manufacturer, and in 1995, founded Shanghai Iwatani Co., Ltd. to buy local industrial gases and sell them to Japanese corporations in the industrial complex by the Yangtze River. This new plant of our own will ensure stable supply to our customers including pipelines in the Zhapu economic development zone.
The total construction cost of the air separation plant was about 2,200 million yen.
■Address by President Makino at the opening ceremony
Allow me to offer my heartfelt thanks to you for your kind support and cooperation, without which we would not be at this opening ceremony here today. Iwatani International’s relationship with China can be traced back more than 40 years.
In 1962, Iwatani International was recognized as a friendly trading house by the Chinese government, and since 1990 we have been actively diversifying our investment in China in various fields including not only the industrial gas business, but also LPG related businesses, industrial machinery, metalworking, and food processing. As part of our industrial gas business, we established Dalian Iwatani Gas Machinery Co., Ltd. in Dalian in 1989, commencing with the manufacture and sale of fusing gases. In 1995, we constructed an air separation gas plant as the first step in the comprehensive rollout of our industrial gas business. In 1993, we founded a joint company with the Shanghai Petrochemical Corporation a short distance from here.
Jiaxing Industrial Gases Co., Ltd. is our second air separation gas plant in China. Production of air separation and carbon dioxide gases in the east of China is now available through the operation of this plant. Together with the sales function of Shanghai Iwatani, we will continue to offer a comprehensive range of services to meet the expectations of the Chinese people. We are pleased to contribute to the prosperity of the economic development zone through the supply of industrial gases, and will strive to grow further with the expansion of the development zone. I hope we can continue to count on your guidance and encouragement.
■Outline of Jiaxing Iwatani Industrial Gases Co., Ltd.
English company name JIAXING IWATANI INDUSTRIAL GASES CO.,LTD
Address Zhejiangsheng Jiaxingshi Zhapu Jingjikaifaqu Yashanxilu
Representative Fumiaki Ooya (Associate Director and General Manager of the International Business Development Dept., Industrial Gases & Welding Division)
President Kenji Iwasaki
Foundation April 28, 2004
Capital 111,351,000 yuan (Approx. 1,500 million yen)
Number of employees Approx. 60
Main business Production and sales of air separation gases (oxygen, nitrogen, argon) and mixed gases