21 December 2012 07:54 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Cangzhou Dahua plans to raise approximately CNY1.05bn ($169m) on its toluene di-isocynate (TDI) expansion project, the company announced on the Shanghai Stock Exchange (SSE) on Friday.
The company will offer 132m shares to the public to raise a total of CNY1.05bn, which will be invested on the TDI expansion project, according to a document filed on SSE.
The whole TDI expansion project comprises four parts (See table below), with the three later parts of the projects targetting to supply feedstock to the company’s TDI units, the statement said.
The company has three TDI units with capacities of 30,000 tonnes/year, 50,000 tonnes/year, and 70,000 tonnes/year respectively. The capacity of the 50,000 tonne/year TDI unit will be expanded to 80,000 tonnes/year, according to the statement.
All three TDI units, located at in Cangzhou, Hebei province, are running their operating rates at almost full capacity, industry sources said.
The major feedstocks of TDI include toluene, dinitrotoluene (DNT), nitric acid, liquid chlorine, caustic soda and hydrogen.
The company will supply all major feedstocks, except toluene, to its TDI units after the completion of the project, the statement added.
Table: TDI expansion project Part Project Total Investment (CNY) Funds Required (CNY) 1 50,000 tonne/year TDI unit upgrade 446m 430m 2 60,000 tonne/year DNT unit upgrade 84m 40m 3 Construction of 135,000 tonne/year nitric acid unit 209m 200m 4 Construction of 160,000 tonne/year liquid membrane caustic soda unit 457m 380m TOTAL 1,050m
Total Investment (CNY)
Funds Required (CNY)
50,000 tonne/year TDI unit upgrade
60,000 tonne/year DNT unit upgrade
Construction of 135,000 tonne/year nitric acid unit
Construction of 160,000 tonne/year liquid membrane caustic soda unit
Additional reporting by Vikki Shen
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