Huajin Tongda Acquires Refining and Ethylene Assets      

Liaoning Huajin Tongda Chemical Co., Ltd. (Huajin Tongda, SZ: 000059) announced on May 8th it will acquire refining and ethylene facility assets from its majority shareholder Liaoning Huajin Group Co., Ltd., for a consideration of approximately RMB460 million.
   Huajin Tongda completed the issuance in 2007 for the acquisition. (CCR2007 No. 12)
   Starting from April 2007, Liaoning Huajin Group Co., Ltd. is building the 450 000 t/a ethylene expansion and matching facilities including 5 million t/a refinery in Panjin of Liaoning province. The 5 million t/a refinery will source from oversea crude oil imported by China North Industries Group Corporation, and provide feedstock naphtha for the ethylene facility. The integrated project is scheduled for startup by March 2009.
   With the acquisition, Huajin Tongda will strengthen its presence in refining and petrochemical businesses, aiming to be the forth largest petrochemical company in China following Sinopec Group, CNPC and CNOOC. Upon completion of the integrated refining and petrochemical project, Huajin Tongda will have a production capacity of 5 million t/a refinery, 630 thousand t/a ethylene, 1 million t/a polyolefin and 3 million t/a petrochemicals.
   Huajin Tongda is a key chemical fertilizer producer in northeastern China now. It has tree plants in Panjin and Huludao of Liaoning province, and Aksu of Xinjiang Autonomous Region.