Huajin Tongda Plans to Issue Bonds for Ethylene Projects      

Liaoning Huajin Tongda Chemicals Co., Ltd. (Huajin Tongda, SZ: 000059) announced on December 25th, 2008 to issue up to RMB2 billion of convertible bonds with detachable warrants to finance the 450 thousand t/a ethylene facility and related matching projects as well as loans and working capital.
   Huajin Tongda is building a 450 thousand t/a ethylene facility, which is scheduled for startup in March 2009.
   The company acquired the refining and ethylene facility assets from its majority shareholder Liaoning Huajin Group Co., Ltd. in the second half of 2008, to strengthen its refining and petrochemicals businesses. (CCR2008 No. 15)
   Huajin Tongda will have a capability of processing 4 million tons of crude oil per year imported from Ural of Russia via oil pipeline and tanker by March 2009.
   Huajin Tongda, headquartered in Panjin of Liaoning province, has currently three plants in Panjin and Huludao of Liaoning, Aksu of Xinjiang region.