Luxi Chemical to Construct Phase II of Formic Acid Project

Luxi Chemical Co., Ltd. (SZ: 000830) announced on February 10 that the company plans to build the 200 000 t/a formic acid phase II project, making it increase its formic acid capacity to 400 000 t/a.
The company completed the formic acid phase I project in February 2012, with the capacity of 200 000 t/a.
Luxi Chemical accounts for 30% of the global formic acid capacity.
The company plans to invest RMB520 million to build the formic acid phase II project with 12 months, adopting methyl formate hydrolysis process. The phase II project will help it improve scale advantage, and increase market share of formic acid products, and raise profit ability.
Luxi Chemical is specialized in fertilizer, basic chemicals and fine chemicals.