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Zhejiang Hualian Petrochemical Ltd receives fresh funding
15
Oct '08
The recent slowdown in the textile and garment has turned many a company in to sick entities. The worst affected are the huge petrochemical companies who has made huge investments in the last few years on expectations of the boom to continue for a few more years.

Zhejiang Hualian Sunshine Petro-Chemical is one of the companies to be worst affected by the global turmoil. But now there is good news for the company. Yuan 1.7 billion has been injected as joint capital by the Huaxi Group and Shaoxing county government agencies.

Sources from the company disclosed and confirmed that new injection of funds has indeed taken place and that Zhejiang Hualian will re-commence full operations in a short period of time.

A lot of petrochemical companies in South-East Asia have reportedly cut operational rates of their plants in the last few months, in face of rising inventories due to slackening of demand from downstream sectors.

Fibre2fashion News Desk - China

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