Far Eastern has recently announced that it proposes to enter into a joint venture with China's Sinopec Yizheng Chemical Fibre Co. Ltd. to establish a PTA firm with a production capacity of one million tons per annum, at Yangzhou in China's Jiangsu Province.
Both the parties, inked a letter of intent for the joint investment, whereby Yizheng would hold 40 percent stake in the new firm and Far Eastern would be holding the remaining 60 percent stake.
Chinese authorities have already sanctioned the 3.8 billion Chinese Yuan that is US $569 million worth of investments that would be required for the proposed joint venture.
As stated by Far Eastern, construction work in respect of the new facility is likely to be concluded within next two years, and thus the manufacturing work is scheduled to start latest by 2013.
Presently, Far Eastern produces around 1.6 million tons of PTA every year, of which 600,000 tons is produced in China and the remaining one million tons in Taiwan. The firm stated that, as the new facility in Yangzhou goes functional, it is expected to add another 600,000 tons to its total production.
Fibre2fashion News Desk - India
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