Zhejiang Hengyi Petrochemical to Establish PTA Project

China's Zhejiang Hengyi Petrochemical is planning to set up a project for the production of purified terephthalic acid (PTA) with an annual production capacity of 1.5 million tons.

The PTA production capacity of the company's subsidiary, Zhejiang Yisheng Petrochemical, will increase to 2.56 million tons upon completion of the project.

The PTA project is estimated to generate sales revenue of 10.5bn yuan ($1.6bn) with nearly 1.27bn yuan ($196m) of net profit, reports Fibre2Fashion.

The company also plans to invest in two lines to produce caprolactam, which will increase capacity to 100,000t.

The caprolactam project is likely to bring sales revenue of 3.86 bn yuan ($596m), and 559.32m yuan ($86.4m) of net profit.