Keyuan Petrochemicals Inc. (OTCQB: KEYP, Keyuan) announced on December 11 that the company's wholly owned operating subsidiary, Ningbo Keyuan Plastics has appointed Mr. Shifang Wang as the new General Manager, effective immediately, replacing Dr. Jingtao Ma. In the new position Mr. Wang will be responsible for daily operation and management and efficiency improvement of Ningbo Keyuan Plastics.

   Mr. Wang has over 30 years management experience in petrochemical technology and manufacturing, and is specialized in oil refining and catalytic cracking. He joined Ningbo Keyuan in 2009 as Vice President and Chief Engineer leading the R&D deportment. In April, 2012, Mr. Wang was appointed as the General Manager of Guangxi Keyuan New Materials Co., Ltd (Guangxi Keyuan). Guangxi Keyuan is an operating subsidiary held by Ningbo Keyuan Plastics and Keyuan Group Limited Hong Kong. Keyuan Group Limited Hong Kong is an indirectly wholly owned subsidiary of Keyuan.

Before joining Ningbo Keyuan, Mr. Wang served at several management positions. From 1981 to 2002, Mr. Wang was the Chief Engineer at Sinopec Anqing Refinery Co., responsible for technology development and research. From 2003 and 2006, he was the head of Operation Department at Guangdong Tianyi Group Co., Ltd., leading phase II production line expansion, including construction of 500 000 t/a heavy oil catalytic cracking facility, 150 000 t/a gas fractionation facility, 10 000 t/a sulphur recovery facility and 30 000 t/a polypropylene facility. Mr. Wang received his Bachelor of Science in Chemical Engineering from China Petroleum University and Master of Art in Enterprise Management from Qinghua University.

   Meanwhile, Dr. Ma will continue to serve as the General Manager of Ningbo Keyuan Petrochemicals, the sales and marketing subsidiary of Keyuan. In his position, Dr. Ma will be responsible for sales, marketing, raw material sourcing and market analysis.

   The Management believes that this adjustment will better clarify the function of each subsidiary under the whole company structure and allow management team work more efficiently in their professional fields to promote Keyuan's long-term development.

   "With his more than thirty years experience of operations and R&D, industry expertise and leadership, we believe Mr. Wang is uniquely qualified to his new role as General Manager at Ningbo Keyuan Plastics. I have worked closely with Mr. Wang over the years as he has contributed to the growth and strong performance of Keyuan. I am excited to announce this promotion and look forward to the continuing contributions of him to the success of our company," said Mr. Chunfeng Tao Chairman and Chief Executive Officer of 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 t/a 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. One SBS production line began commercial production in December 2011 and the second line began commercial production in August, 2012. Keyuan plans to add additional storage capacity, a raw material pre-treatment facility, an asphalt production facility, and an ABS production facility.


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