17 May 2012 10:00 [Source: ICIS news]
KUALA LUMPUR (ICIS)--China Prosperity (Jiangyin) Petrochemical is planning to build a new purified terephthalic acid (PTA) and a new polyethylene terephthalate (PET) bottle chip plant at Jiangyin in ?xml:namespace>
The company is commonly known as China Hanbang Petrochemical in
The planned PTA plant would have a 1.2m-1.5m tonne/year capacity, while the proposed PET bottle line would have a 500,000-600,000 tonne/year capacity, the source said at the sidelines of the 34th Asia Petrochemical Industry Conference (APIC) in
“We have already settled land and funding for the project, and is now in the stage of selecting [the] right technology,” the source said.
The company targets to start construction work on the project by end-2012, with the start-up slated around end-2014 to early 2015, the source said.
“We hope PX [paraxylene] supply won’t be that tight at that time [of start-up] and the Asia PTA industry should have new orders after an expected fierce competition in the coming two years,” the source said.
PX is the feedstock for the manufacture of PTA, which has applications in textiles.
Once the new PET bottle chip line starts up, Prosperity Petrochemical plans to shut its existing 210,000 tonne/year line at another site in Jiangyin, the source said.
The existing PET bottle chip unit has been running at a reduced rate of 80% because of technology issues, and the quality of the material produced does not meet export standards, the company source said.
China Prosperity runs a 600,000 tonne/year PTA plant and 210,000 tonne/year PET bottle chip unit in Jiangyin city.
The company is a subsidiary of China Chengxing Group - the largest phosphoric acid producer in
APIC runs from 17-18 May.
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