22 December 2010 07:30 [Source: ICIS news]
SHANGHAI (ICIS)--China’s Sinopec Yizheng Chemical Fibre and Taiwan’s Far Eastern New Century (FENC) plan to build a 1m tonne/year purified terephthalic acid (PTA) plant at Yangzhou Chemical Industrial Park in eastern Jiangsu province, Yizheng said on Wednesday.
Under the letter of intent, the two companies would establish a joint-venture company to build the PTA plant in the industrial park, the disclosure said.
FENC would have a 60% stake in the new company and Yizheng would have the remaining 40%, it added.
The disclosure did not give details on when construction would start as the two companies wanted more time for discussions and feasibility studies, a source from Yizheng said.
Yizheng, a subsidiary of Chinese petrochemical major Sinopec, is China's largest polyester and polyethylene terephthlate (PET) producer.
FENC is a leading producer of polyester and related products in Asia and one of the world’s largest producers of polyester polymer and PET resin.
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