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

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

RBI Governor Urjit Patel and other officials addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

RBI withdraws the incremental CRR from Dec 10

The Reserve Bank of India (RBI) has decided to withdraw the...

Textiles | On 7th Dec 2016

‘Price-competitiveness is crucial for China yarn market’

Kikani Exports, India based yarn supplier with 12 years of experience ...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

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

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search