1. Singpu Delays Construction of SM Plant at Jiangsu
Singpu Chemicals has delayed construction of the styrene monomer (SM) project in light of the current global financial crisis and unfavorable prices.
The company's original plan was to start construction of the SM plant in the third quarter 2008 with a scheduled trial run by the first quarter 2010.
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2. Proposed Projects Passed Environmental Impact Assessment
The Ministry of Environmental Protection of China (MEP) passed environmental impact assessments on some proposed chemical projects at the end of 2008.
* The fuel ethanol project with a capacity of 100 thousand t/a will be built in Dongxiang of Jiangxi province, conducted by Sinopec Group.
* The semi-steel radial tire production line with a capacity of 10 thousand pieces per day, applied by Anhui Giti Tire Co., Ltd., will be located in Hefei of Anhui province.
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3. PetroChina Completes Acquisition of 51.89% Indirect Interest in CNPC HK
PetroChina Company Limited (PetroChina, HK: 0857, SH: 601857) and CNPC ( Hong Kong ) Limited (CNPC HK) announced completion of the acquisition of a 51.89% indirect interest in CNPC HK on December 18th, 2008.
Following the completion, PetroChina held a 100% interest in Sun World Limited which directly held approximately 56.66% interest in CNPC HK.
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4.
Leading Chinese Chlor-Alkali Producers Halt Partial Production
Shanghai Tianyuan Group Huasheng Chemical Co., Ltd. (Tianyuan Huasheng)'s dichloroethane (EDC) line at the Shanghai Chemical Industry Park (SCIP) has stopped production for two weeks by December 25th, 2008.
"The shutdown is because of inadequate supply of raw material - ethylene, as well as a result of the global financial crisis," said Xu Peiwen, board secretary of Shanghai Chlor-Alkali Chemical Co., Ltd. (SH: 600618), which is a controlling shareholder of Tianyuan Huasheng. Xu added that all the facilities of Tianyuan Huasheng's downstream customers at SCIP have been closed.
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5.
China Adjusts Restricted/Barred Goods for Processing Trade
In a move to weather the global financial crisis and keep a stable growth in foreign trade, the Ministry of Commerce and the General Administration of Customs of China on December 31st, 2008 co-issued a revised catalog for goods that are restricted or prohibited for processing trade.
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