Home / Knowledge / News / Textiles / Far Eastern to tie up with Chinese firm to produce PTA
Far Eastern to tie up with Chinese firm to produce PTA
23
Dec '10
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

Must ReadView All

Apparel/Garments | On 18th Feb 2017

Bangladesh apparel sector has 95% local investors: BGMEA

Over 95 per cent of the total investors in the Bangladesh apparel...

Textiles | On 18th Feb 2017

Smriti Irani resolves cutting of carpets issue at ports

During a meeting held with stake holders of the carpet weaving...

Apparel/Garments | On 18th Feb 2017

Andhra Pradesh inks MoUs to set up 12 apparel units

At the recent CII Partnership Summit held in Hyderabad, memorandum of ...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search