Yizheng Chemical Fibre signed a joint venture contract with Far Eastern Polytex (Holding) Ltd in December 2011. According to that, both sides would set up Far Eastern Yihua Petrochemical (Yangzhou) Corp with joint capital to construct the purified terephthalic acid (PTA) project, of which the capacity was 2 million tons/year. The registered capital of Far Eastern Yihua was RMB 250 million, especially 40% was from Yizheng Chemical Fibre and 60% was from Far Eastern Polytex. The project was planned to put into construction in 2012 and the planning construction period would be 27-30 months.

As one of the main producers of chemical fiber and chemical fiber raw materials in China, Yizheng Chemical Fibre needs to consume large amount of PTA every year. The project is beneficial to solve the source problem of main raw materials PTA and promotes the competition ability of the whole company.

Source:ResearchInChina