Sichuan billionaire Liu Yongxing, has invested two billion yuan into purified terephthalic acid (PTA) production in Chongqing city, with annual output of 600,000 tons. The project agreement has been finalized in recent time and will be officially signed on the 18th of this month.

PTA is the main raw material for polyester production, being widely used in chemical fiber, garment, packaging, film and other fields.

In this joint venture, Liu’s company, Oriental Hope Group, holds 70 percent of the stake. The project of 600,000 tons of PTA in Fuling is the only petrochemical project in the western region being approved by the state.

It is reported that during the latter part of the project, Oriental Hope Group will put an additional investment, which will be around two billion yuan in total.
 
 
Fibre2fashion, News Desk - China