China-based Keyuan Petrochemicals has completed an additional private equity financing and plans to use the net proceeds for the expansion of its manufacturing facility which will include a raw material pre-treatment facility, additional storage capacity and an asphalt production facility.
The financing of $3,049,970 (2,506,126) creates a total of $26,204,640, including the financing the company completed on 22 April 2010.
Established in 2007 and operating through its wholly-owned subsidiary, Keyuan Plastics the company is located in Ningbo, China, and is an independent manufacturer and supplier of various petrochemical products.
Having commenced production in October 2009, Keyuan's operations include an annual petrochemical manufacturing capacity of 550,000 tonnes of 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 utilisation and yields.
