Wanhua marked the opening of its new Wanhua Bajiao Portside Industrial Park in Yantai with an official opening ceremony on 6th January 2010.
''Our new chemical park, planned by Yantai municipal government that occupies 1000 hectares of land, with Phase I investment amounts to 13.2 bn RMB $1.93bn will enable us to create a fully integrated isocyanates complex in China's N.E. Shandong province besides our integrated complex in Ningbo located on the S.E. China coast. With this new investment Wanhua Group will have more than 1.5 Million MT of isocyanates capacity in China, making the corporation one of the biggest and most competitive urethane producers in the world'', announced Wanhua's Chairman Jiansheng Ding.
''The site will include 600 Ktpa MDI (methylene diphenyl di-isocyanate) and 300 ktpa TDI (toluene di-isocyanate) units and the first phase of this project will be on stream by the end of 2013. The completion of the Wanhua Bajiao project will create the world's leading low cost fully integrated unit in the industry'', said Zengtai Liao, CEO of Yantai Wanhua Polyurethanes Co. Ltd.
Wanhua will use the highest standards for safety and environmental protection, as they have already done at the Ningbo site where the MDI capacity will reach 600 ktpa by year-end.
Majority of Yantai's chemical companies will be moved to Wanhua Bajiao Chemical Park, as planned by Yantai Munical Government.Wanhua's existing 200 Ktpa MDI plant in Yantai s urban area would cease operations once the new MDI facility starts up.
During the ceremony, which was attended by around 300 guests, Wanhua expressed its commitment to both the Chinese and global polyurethane industry.
''We are fully aware of the impact of these new investments may have on the global Isocyanate supply situation, and also on the potential changes in the global trade balance. However our view is that global polyurthane markets still have a healthy long-term growth outlook in emerging and existing regions, whereas China will havea over capacity situation for a period of time.
Moreover, this new facility will convince our growing list of loyal global clients that Wanhua is committed to serving them on a long term basis with the addition of the new capacity.
Finally, we now have ample space for growth at both the Yantai and Ningbo chemical parks to install additional plants, managed either as a stand alone venture, or together with a strategic partner'', added Jiansheng Ding.
About Yantai Wanhua:
Yantai Wanhua Polyurethanes Co., Ltd is the largest isocyanate producer in Asia and upon the completion of the 2nd 300 Kt MDI train at the Ningbo Isocyanate complex it will have over 800 Kt capacity by 2010.Yantai Wanhua sells its products into 40 countries across North America, Western and Eastern Europe, Japan, the Middle East and South East Asia. For more information, please visit our website at http://www.ytpu.com.
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