Yizheng, Far Eastern New Century to build PTA plant in east China

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.

Yizheng, FENC and Yangzhou Chemical Industrial Park signed a letter of intent on investment and cooperation on 20 December, according to a disclosure to Shanghai Stock Exchange.

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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By: Judith Wang
+65 6780 4359

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