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NDRC gives nod to new PTA project

05
Feb '10
The 800,000 tons per annum PTA project of Jiaxing Petrochemical Company has received the approval, in December 2009, from China National Development & Reform Commission (NDRC).

The company is a subsidiary of Tongkun Group, which will operate the project with the total investment of RMB 3.04 billion. It is to be set up at Zhapu Economic Development Zone, Jiaxing, Zhejiang Province.

The project had received environmental approval in the first quarter of 2009 and likely to start construction in the ongoing year. It will start operations during first six months of the year 2012.

Initially, South Korea based KP Chemical Corp., which is a subsidiary of the Lotte Group, was considering investing in this project along with Zhejiang Tongkun Group, but KP withdrew from the proposed joint venture in 2009.

Zhejiang Tongkun Group mainly manufactures PET chips and fibres. In the year 2009, it produced 286,000 tons of PET chips and 1.24 million tons of PET filaments.

In first 11 months of 2009, China imported 4.62 million tons of PTA and 3.08 million tons of PX, while country's total import of PTA and PX of 2009 are expected to reach 5 million tons and 3.3 million tons respectively.

Fibre2fashion News Desk - India


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