Global oil, gas and petrochemical giant BP Tuesday launched its first PTA (purified terephthalic acid) joint venture plant in south China, which is expected to boost the country's output by one quarter.
BP Zhuhai Chemical Limited, located in this harbor city in South China's Guangdong Province, is a joint venture, with 85 percent held by BP and 15 percent held by Fu Hua Group Ltd, a local company.
Going into full operation Tuesday, the chemical plant, with a total investment of over US$300 million, will reach an initial annual output of 350,000 tons of PTA and expand the capacity to 500,000 tons in the near future.
PTA is the preferred raw material used to manufacture polyethylene terephthalate, a polymer widely used in the production of textiles, bottles, packaging and film products.
Statistics showed that China's PTA consumption in 2002 exceeded6.6 million tons, of which only 30 percent was supplied by domestic production.
(Xinhua News Agency September 11, 2003)
