Sinopec and Far East New Century Form PTA Joint Venture

Sinopec Yizheng Chemical Fibre, a subsidiary of China's Sinopec Group, has formed a joint venture with Taiwan's Far Eastern New Century to set up a purified terephthalic acid (PTA) plant in Yizheng, China.

The joint venture involves an investment of CNY3.8bn ($570.8m), with Far Eastern and Yizheng Chemical holding a 60% stake and Sinopec Yizheng Chemical Fibre holding the remaining 40% stake.

The new company is expected to produce 1 million tons of PTA per year.

However, the companies have not disclosed the construction schedule and operation date.