06 January 2011 08:24 [Source: ICIS news]
SHANGHAI (ICIS)--China’s listed chemical producer Maoming Petrochemical Shihua plans to invest yuan (CNY)?xml:namespace>
However, the company did not reveal more details such as when construction will start and where the unit will be located.
The huge potential of the sec-butyl acetate market prompted the company to invest in the new field, Maoming Petrochemical Shihua said in a statement to Shenzhen Stock Exchange. Its portfolio comprises polypropylene (PP), liquefied petroleum gas (LPG) and plastic products.
Domestic sec-butyl acetate supply was only 70,000 tonnes/year but potential demand would surpass
Half of the funds would come from the company’s cash reserves and the rest from bank loans, the company said.
Sec-butyl acetate is a new type of chemical which can be used to substitute methyl tertiary butyl ether (MTBE) for blending into gasoline.
Maoming Petrochemical Shihua is located at Maoming in the southern Guangdong province.
Sinopec’s Maoming Petrochemical, which is also in the same city, has a 14.75% stake in Maoming Petrochemical Shihua, according to the latter company’s 2009 full-year financial report.
($1 = CNY6.62)
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