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World Business Quick Take

■ OIL
Firms win Egypt bid
Japanese and South Korean firms have won a US$1.8 billion contract to build a diesel oil refinery in Egypt to respond to rising car demand in the emerging economy, the Japanese company said yesterday. Japan's Mitsui & Co said it and South Korean construction firm GS Engineering & Construction Corp will build the plant on the outskirts of Cairo. The plant is expected to begin operation in mid-2011 and will produce 1.5 million tonnes of diesel per year, although it has capacity to produce up to 2.5 million, Mitsui said.

■ TOBACCO
Altria to spin off division
US tobacco giant Altria announced plans on Wednesday to spin off its Philip Morris International division, continuing a restructuring begun this year. "Today's announcement underscores our sustained and determined commitment to create enduring long-term shareholder value," said Louis Camilleri, chairman and chief executive of Altria. The move would spin off Philip Morris International, based in Switzerland, as an independent entity free from litigation and public relations problems in the US over tobacco marketing.

■ ELECTRONICS
Samsung, Sony invest
Samsung Electronics Co and Sony Corp have agreed in principle to invest further in their liquid-crystal-display (LCD) joint venture, a Samsung executive said yesterday. "Both sides reached a consensus on the joint investment and working level officials are now discussing details such as the timing and amount of the investment," said Cho Yeong-duk, vice president of Samsung's LCD business. Samsung and Sony formed S-LCD Corp in April 2004 to ensure stable procurement of flat TV panels. Earlier this week, the joint venture began shipping panels from its eighth-generation production line.

■ AUTOMOBILES
Nissan, Posco cooperate
Nissan Motor Co and Korean steelmaker Posco are preparing to set up a center to process steel sheet products in Japan, the Japanese automaker said yesterday. The two firms set up a joint venture, POS-YPC, to establish the steel processing facility in Kawasaki, south of Tokyo, to help ensure a stable supply of steel sheets for Nissan, it said. Posco's unit in Japan owns a 70 percent stake in POS-YPC, and Nissan's subsidiary Nissan Trading Co holds the remainder, Nissan said. Ko Min-jin, a Posco spokeswoman in Seoul, said a steel sheet processing plant in Japan was planned for the first half of next year.


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