Satellite Chemical is involved in the construction of China’s first EAA plant, with commissioning expected in 2025

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Saturn Chemical participates in the construction of China’s first EAA plant. On August 8, 2022, Saturn Chemical announced that it had signed a joint venture agreement with SKGC in Lianyungang, Jiangsu Province. A joint venture named Sino-Korea Core will be established with an investment ratio of 60:40, to build an EAA factory in Lianyungang, Jiangsu Province. The total investment amount is approximately 1.64 billion yuan, and the production capacity will be 40,000 tons per year. Construction of this project began successfully in 2023, with completion expected in the first half of 2025. Satellite Chemical will supply the raw materials, while SKGC will provide the processing technology and be responsible for operating the factory. This project represents China’s first EAA production facility. In addition, Satellite Chemical and SKGC plan to continue their cooperation by investing approximately 2.17 billion yuan to build and operate a second phase of the EAA production facility with an annual output capacity of 50,000 tons, thereby effectively addressing the issue of China’s heavy reliance on imported EAA. By then, the country will have a production capacity of around 90,000 tons per year. On November 26, 2024, Satellite Chemical reiterated on the investor interaction platform that the first phase of the China-Korea Corey EAA project is under construction and is expected to come online in 2025.