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As a leading petrochemical company listed both home and abroad, SPC is in a predicament that China's whole petrochemical industry is in, pointed out Rong Guangdao, its chairman. He said that the government gave SPC CNY 247 million financial subsidies in Q1, just about 30% of its losses.
Due to flying international crude oil prices, the refining businesses of almost all the Chinese petrochemical companies are losing money. To lay itself out of the situation, SPC plans to relocate and rebuild an old 150,000-ton ethylene facility, expanding the capacity to 600,000 tons.
The project, probably to start construction in 2009, needs a total investment of more than CNY 9 billion, including CNY 3 billion from own funds, and the rest from bank loans. Meanwhile, SPC is cutting jobs, spinning off nonproductive businesses, and kicking off non-tradable share reform to pull through.
From www.cnstock.com, Page 1, Wednesday, July 23, 2008 info@SinoCast.Com
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