Quanzhou Ocean to restart PS plant in March 2008

13 December 2007 11:12  [Source: ICIS news]

SHANGHAI (ICIS news)--Quanzhou Quangang Ocean Polystyrene Resin Co (Quanzhou Ocean) expects to restart its 120,000 tonne/year polystyrene (PS) plant in March 2008, an official said on Thursday.

 

Market players do not expect the PS unit will run at high operating rates because of falling PS demand growth in China.

 

The PS plant, located in the southern city of Quanzhou, had been offline due to profitability issues since the third quarter of 2006 before it was put up for auction on 23 August.

 

Founder Group acquired the plant and Quanzhou Ocean Chemical Harbor Co, another Shantou Ocean Enterprises Group (SOE Group) company, for a combined total of yuan (CNY) 350m ($47m).

 

SOE used to own another PS producer called Shantou Ocean First Polystyrene Resin Co (Shantou Ocean) which was bought by SK Group at the end of 2006.

 

The two PS enterprises had a combined capacity of 270,000 tonnes/year. 

 

($1 =  CNY7.37)

By: Serena Zhou
+65 6780 4359

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