August 3 -- Shandong Polymer Biochemicals (Shandong Polymer) (002476), a major polyacrylamide powder supplier, plans to invest 70 million yuan to set up two wholly-owned subsidiaries called Beijing Polymer Environmental Protection Technology and Guangdong Polymer Bio-Technology, reports yicai.com, citing a company filing. The new entities will have registered capital of 50 million yuan and 20 million yuan respectively.

Shandong Polymer set up two subsidiaries to expand its sales network and enhance its marketing development in the enhanced oil recovery, water treatment, papermaking and mining industries.

Polyacrylamide products are used in oil and water treatment.

Shandong Polymer, which is based in Dongying city, posted a 25-percent increase in net profits in the first half of 2011 to 40 million yuan.