Zhejiang Hualian Sunshine Petro-Chemical Co Ltd is a large petrochemical company that produces and sells Purified Terephthalic Acid (PTA), polyester chip, chemical fibre and other chemical products and materials. The company is currently going through a tough time as it had to stop production of PTA after incurring huge losses.
The Government of Zhejiang Province, in order to rescue Hualian Sunshine from this critical situation, has decided to provide an aid of around 1.5 billion yuan (US $220 million).
A reliable source from the company informed Fibre2fashion that the production of PTA is stopped since the September end as the demand for the raw material in the market is very low. Even the prices are also showing a very weak trend.
The company source expected that Hualian Sunshine may resume the production by the end of this week.
Fibre2fashion News Desk - China
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