NINGBO, China, Oct. 19, 2011 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that it has appointed Mr. Fan Zhang, the Vice President of Accounting, as the Acting Chief Financial Officer ("CFO") effective immediately. Mr. Zhang joined the Company in May 2011 and replaced Mr. Weifeng Xue as the Vice President of Accounting in August 2011. The Company has commenced a search for a permanent CFO.
Before joining Keyuan, Mr. Zhang was a Finance Director in Ningbo LG Yongxing Chemical Co., Ltd., a Sino-Korean joint venture between Ningbo Yongxing Chemical Investment Co. Ltd., and LG Chemical Co. Ltd., the largest chemical company in Korea. Ningbo LG Yongxing Chemical Co. Ltd is the largest ABS producer in China. Mr. Zhang has more than twelve years' experience in financial reporting and controls, tax planning, fund management, ERP operation system management, internal audit and property insurance planning. Mr. Zhang holds a Bachelor degree in Economics from Hangzhou Electronic Technical University.
Ms. Aichun Angela Li resigned as CFO of the Company effective October 12, 2011. Ms. Li is currently retained by the Company as a consultant to assist with the transition and other tasks as directed by the Board of Directors.
Mr. Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals, began, "I would like to thank Ms. Li for her hard work throughout this process. I am confident that the improvements we have already made in our financial reporting and internal controls, in addition to Mr. Zhang and a new permanent CFO, will make Keyuan a stronger company."
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Keyuan Plastics Co., Ltd., is located in Ningbo, China and is a leading independent manufacturer and supplier of various petrochemical products. Having commenced production in October 2009, Keyuan's operations include an annual petrochemical manufacturing design capacity of 720,000 MT for a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods, and a technology that supports the manufacturing process with low raw material costs and high utilization and yields. In order to meet increasing market demand, Keyuan plans to expand its manufacturing capacity to include a SBS production facility, additional storage capacity, a raw material pre-treatment facility, and an asphalt production facility.