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Zhongtai Chemical to invest RMB 15 bln to build chemical base

August 17/2009

August, 17 (China Knowledge) -- Xinjiang Zhongtai Chemical Co Ltd plans to invest a total of  RMB 15 billion in Fukang, a city in Xinjiang Uyghur Autonomous Region, to build a chemical industrial base there, according to an announcement Zhongtai Chemical filed with the Shenzhen Stock Exchange.

The funds will mainly come from the company"s internal resources and bank loans, according to the feasibility study report. Zhongtai Chemical has already submitted the project proposal to the local Development and Reform Committee.

The project will help enhance Zhongtai Chemical"s competitive strength and expand production capacity, according to the company"s statement.

The project will be carried out in four phases in five years. The first phase will have a total investment of RMB 3.61 billion, including one 400,000-ton PVC project and an ionic membrane caustic soda project. The Phase I project is expected to start construction in 2010 and become operational in 2011.

Another RMB 11.4 billion will be used for the second, third and fourth phases. Upon the completion of all the phases, it will have a capacity of 1.6 million tons of PVC, 1.2 million tons of ionic membrane caustic soda, as well as a thermal power generating plant.                      

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