Huajin Tongda acquires refining assets

Liaoning Huajin Tongda Chemical Co. Ltd. is to pay about 460 million yuan (US$66.64 million) to acquire the refining and ethylene assets currently owned by its majority shareholder, Liaoning Huajin Group Co. Ltd. Since April 2007, the latter has been constructing a 5 million metric ton per year (mtpy) refinery at Panjin in Liaoning province, China, in addition to increasing its ethylene capacity by 450,000 mtpy. From March 2009, the refinery will process imported crude oil supplied by China North Industries Group Corp. and supply naphtha feed stock for the new ethylene cracker. Completion of the integrated project will make Huajin Tongda the fourth largest petrochemical firm in China, with 630,000 mtpy of ethylene capacity, 1 mpty polyolefin capacity and 3 mtpy of other petrochemicals. (May 26, 2008)