Keyuan Petrochemicals engages research institutes to study product optimization to minimize impact of oil price fluctuation
Friday, Jul 20, 2012
NINGBO, China, July 19, 2012 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals Inc. (OTCQB: KEYP), ("Keyuan" or the "Company"), an independent manufacturer and supplier of various petrochemical products in China, today announced that it has engaged with Shanghai East China University of Science and Technology and Ningbo Institute of Technology, Zhejiang University to study on improving our production efficiency and expanding our product diversity in order to reduce adverse effect by oil price fluctuation and outside industry environment.
In the first six months of 2012, the international extreme fluctuation of oil price has caused substantial negative impact on the whole petrochemical industry and most petrochemical companies including Keyuan. To address this issue, Keyuan engaged with research institutes in Shanghai and Zhejiang province to study the possibility and feasibility to diversify its products, develop high value-added products and improve its production efficiency so that the Company can have more stable long-term development and optimized product structures.
"Currently, the company is focusing to improve its operation, to adjust its original products structure, and ultimately maximize shareholder value with strong performance," explained Mr. Chunfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals Inc. "As always, every action we are taking is aimed for the Company's long-term development and to improve the Company from all aspects."
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is located in Ningbo, China and is a leading independent manufacturer and supplier of various petrochemical products. Having commenced production in October 2010, Keyuan's operations include an annual petrochemical manufacturing design capacity of 720,000 MT for a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods, and a technology that supports the manufacturing process with low raw material costs and high utilization and yields. In order to meet increasing market demand, Keyuan plans to expand its manufacturing capacity to include a SBS production facility which was completed in September 2011 and one production line has entered into commercial production, additional storage capacity, a raw material pre-treatment facility, an asphalt production facility, and an ABS production facility.
SOURCE Keyuan Petrochemicals, Inc.
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