[Haichuan Chemical Salary News] Hengyi Petrochemical plans to build a 6 million-ton PTA production project

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On the evening of September 18, Hengyi Petrochemical announced that in order to expand the market scale for its PTA products and enhance their competitiveness in the market, as well as to further reduce the unit cost of these products, its subsidiary Zhejiang Yisheng New Materials Co., Ltd. (hereinafter referred to as “Yisheng New Materials”) plans to invest in the construction of a facility with an annual production capacity of 6 million tons of PTA. The project will be implemented in two phases, with an estimated total investment of 6.731 billion yuan. The investor in this project, Yisheng New Materials, is jointly owned by Hengyi Petrochemical and Ningbo CICC Petrochemical, with each holding 50% of the shares. Upon investigation, it was found that the controlling shareholder of Ningbo Zhongjin Petrochemical is the listed company Rongsheng Petrochemical, which also disclosed this matter on the same evening. The announcement states that the construction site for the 6-million-ton PTA production project is located in the Petrochemical Economic and Technological Development Zone in Ningbo City, Zhejiang Province. The planned area is approximately 362.6 mu. Utilizing the company’s own technology, facilities such as rainwater treatment tanks, substations, reclaimed water reuse systems, and sewage treatment plants will be built. By making full use of the existing public utilities in the industrial park, two sets of PTA production units will be constructed, enabling an annual production capacity of 6 million tons of PTA.