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2007/10/9 Asia Chemical Weekly

SP Chemicals plans SM project in Jiangsu

On Sep.27, SP Chemicals signed an agreement with Taizhou Government for a large-scale styrene monomer (SM) project in Taixing Economic Development Zone, Taizhou, Jiangsu province. 江蘇省泰州市

With investment of USD 99.78 million, the proposed SM project will have capacity of 320,000 ton/year. It is expected to start construction in Q3 2008 and be completed by the end of 2009. The trial production is targeted by Q1 of 2010.

Through the route of catalytic dehydrogenation of ethyl-benzene, the 320 kt SM project requiring 89.6 kt ethylene and 249.2 kt benzene per year, according to SP Chem. But the company did not disclose where the feedstock would be sourced from.

Jiangsu and Zhejiang provinces are the two most important SM markets in China and growing steadily. The company hopes to catch the opportunity of rising market demand so set up this project strategically in Taixing, Jiangsu Province.

In 2006, the combined SM import of Jiangsu and Zhejiang is around 1.8 million ton, which accounts for 78% of total SM import of China in the same year.

The production of SM would also allow SP Chem to share the facilities which already built in the same site. SP Chemicals also known as Singpu Chemicals, the company produces and sells Chlor-alkali products and related downstream products to China domestic and export customers.

China consumed around 4.05 million ton and imported 2.8 million ton SM in 2005; consumed around 4.26 million ton and imported 2.3 million ton SM in 2006. In 2010, the estimated annual consumption for SM is 7 million ton in China.

SM output and consumption in China (kt)

Year	Output	Import	export	Consumption	Self-sufficiency (%)
2002	891	1,799	2	2,688	33.2
2003	948	2,661	6	3,603	26.3
2004	986	2,889	9	3,866	25.5
2005	1,250	2,812	13	4,050	30.9
2006	1,924	2,343	6	4,261	45.2

SP Chemicals はシンガポールの投資会社が1995年に中国に100%子会社の Singpu Chemicals Industries (Taixing) Co., Ltd として設立したもので、2005年にSP Chemicals Ltd. に改称した。

同社は泰興経済開発区に以下のプラントを有している。

　　・コジェネレーション　120MW（60MW x ２）
　　・イオン交換膜法電解
　　　　　塩素　　264千トン（396千トンに増設中）
　　　　　ソーダ　300千トン（450千トンに増設中）
　　・アニリン　90千トン（135千トンに増設中）
　　・VCM　200千トン（年内に完成）

September 18 2007　SP Chemicals

SP Chemicals announces plans to further extend its market space
　 Intends to augment existing product range with a new product, styrene monomer

To further drive its growth, Main-Board listed SP Chemicals Ltd. (“SP Chemicals” or the “Group”), the fourth largest ion-membrane chlor-alkali producer and the fifth largest aniline producer in the PRC as at 31 March 2007, today announced that it plans to invest approximately RMB1.1 billion in facilities for the production of styrene monomer, an intermediate raw chemical used in making polystyrene plastics, protective coatings, polyesters and resins.
Styrene monomer, which can be used in a wide range of consumer and industrial applications, is an ideal complement to the Group’s existing product range of chlor-alkali products including aniline, chlorine and caustic soda. It would allow the Group to share the use of the facilities already built for its Vinyl Chloride Monomer (“VCM”) Plant, such as the ethylene storage tank and the air separators. This will not affect the requirements of its VCM Plant, as these facilities were built with some surplus capacity.

Explaining the Group’s latest corporate initiative, Chief Executive Officer of SP Chemicals Mr Chan Hian Siang said, “According to industry estimates, the demand of styrene monomer outstrips supply. With our track record and expertise in the production of raw chemicals, we are well-placed to tap the burgeoning growth potential of this product. In China’s Yangtze Delta and Pearl Delta regions alone, the consumption of styrene monomer accounts for about 80% of the total domestic consumption. We are confident that our strategic location in Taixing’s China Fine Chemical Industrial Park will ensure a ready catchment of potential customers for styrene monomer.”
According to the PRC Styrene Monomer Association, the global supply for styrene monomer in 2006 was 25 million tonnes per annum (“tpa”), with demand standing at 25.5 million tpa. By 2010, the total global supply and demand is estimated to be 28.5 million tpa and 33.5 million tpa, respectively.
In China, the total imports of styrene monomer in 2006 amounted to 2.3 million tonnes. Reliance on imports is very high, with only about 48.5% of its demand being met by domestic production. Market research estimates that by 2010, the estimated production capacity of styrene monomer in China would reach 6.5 million tpa, while consumption could hit 7 million tpa.
SP Chemicals’ plan is to produce 320,000 tpa of styrene monomer, which requires ethylene and benzene. Construction of its new styrene monomer production facilities is expected to commence in third quarter of FY2008, and completed by fourth quarter FY2009. Trial production is targeted to take place by first quarter FY2010.
About one-third of the total investment amount of RMB1.1 billion will be financed by internal cash flow, while the remaining two-thirds will be financed from China bank borrowings.
This transaction is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company, for the current year.

About SP Chemicals
SP Chemicals, a Singapore-based company listed on the Main-Board of SGX-ST on 6 August 2003, is the fourth largest ion-membrane chlor-alkali producer in the PRC, and the fifth largest aniline producer in the PRC as at 31 March 2007. Backed by an 11-year track record in the PRC, SP Chemicals manufactures and sells chlor-alkali products and related downstream products to PRC-based and export customers.
SP Chemicals’ customer base in the PRC spans the Jiangsu, Zhejiang and Shandong provinces, as well as Shanghai. In 2004, the Company also started exporting its products to the US, Japan, Korea and Taiwan. SP Chemicals’ customers include established multinational corporations and state-owned enterprises such as Basic Chemical Solutions, L.L.C., BASF, The Dow Chemical Company, Tomen Corporation Ltd, Flexsys N.V., Akzo Nobel Chemicals MCA (Taixing) Co, Ltd (part of the Dutch Fortune 500 company Akzo Nobel N.V.), and Yantai Wanhua Polyurethanes Co., Ltd, the largest domestic MDI producer in the PRC.
The Group’s Taixing production facilities are certified by Lloyd’s Register Quality Assurance to ISO 9001:2000 and ISO 14001:1996, the internationally recognized standard for environmental management systems.
In a strategic thrust to expand its chemical raw materials business, SP Chemicals had, in August 2004, unveiled its Medium-Term Strategic Business Plan (“MTSBP”). The core of the plan is a commitment to achieve further growth and profitability pursued through an estimated US$216 million investment in a series of initiatives, which will include the creation of new capabilities for the production of Vinyl Chloride Monomer (VCM). This also includes the doubling of its chlor-alkali and aniline production capacities, and the development of its Co-generation plant.
Since 3Q 2006, the Company has doubled its chlor-alkali and aniline production capacities in its Production Phase Four Expansion Plans (“PP4”). Its Co-generation plant has also been operating since May 2006. In addition, the construction of its VCM plant has been completed, with commercial operation targeted by the second half of FY2007.
With the successful implementation of its MTSBP, the Group announced its Production Phase Five Expansion Plans (“PP5”) in December 2006, which aims to drive its growth further and faster. With PP5, the Group’s annual production capacities for caustic soda, chlorine, and aniline, will increase to 450,000 tonnes (from 300,000 tonnes), 396,000 tonnes (from 264,000 tonnes), and 135,000 tonnes (from 90,000 tonnes), respectively. Construction of its new PP5 facilities began in 1Q 2007, with trial production targeted to take place by 1Q 2008.
In October 2005, SP Chemicals won the Most Transparent Company Award (Manufacturing Category) by Securities Investors Association (Singapore) Investors’ Choice Awards 2005.

In September 2006, SP Chemicals Taixing was conferred the prestigious “2003-2005 PRC Top 100 Overseas Chinese Enterprise Award” , presented by the Economy and Technology Department of the State Council’s Office of Overseas Chinese Affairs Office, for its accomplishments and contributions to China’s economic and social growth. The Group was ranked 19th out of the top 100 overseas Chinese enterprises.
In May 2007, SP Chemicals won the Best Investor Relations Award / Gold (for companies with market capitalisation of less than S$500 million as at 30 June 2006), as part of the Singapore Corporate Awards 2007, organised by The Business Times, in collaboration with UBS and supported by the Singapore Exchange.

　

SP Chemicals

Our Company was incorporated in Singapore on 8 November 1990 as a private company limited by shares under the name of Panasia Investment Pte Ltd. We changed our name to Asiawide Chemicals Pte Ltd on 29 December 1995 and set up Singpu Chemicals Industries (Taixing) Co., Ltd. as our wholly-owned subsidiary in the PRC on 30 December 1995.

On 18 February 2003, we changed our name to Singpu Chemicals Pte Ltd. In August 2003, we are listed on the Mainboard of the SGX-ST and changed our name to Singpu Chemicals Ltd.

On 27 April 2005, we changed our name to SP Chemicals Ltd. to refine the name and image of the Company, and better position ourselves as an emerging global producer and manufacturer of chemical raw materials.

SP Chemicals, a Singapore-based company listed on the Main Board of SGX-ST on 6 August 2003, is one of the largest ion-membrance Chlor-alkali producer and aniline producer in the PRC. Backed by a 11-year track record in the PRC, SP Chemicals manufactures and sells Chlor-alkali products and related downstream products to PRC-based and export customers.

SP Chemicals’ customer base spans the Jiangsu, Zhejiang and Shandong provinces, as well as Shanghai. In 2004, the Company also started exporting our products to the US, Japan, Korea and Taiwan. Our customers include established multinational corporations and state-owned enterprises in various industry segments in the PRC ? such as petrochemicals, textiles, paper, consumer goods, plastic polymers, rubber, dye, pharmaceuticals and metallurgy. SP Chemicals’ customers include BASF, The Dow Chemical Company, Tomen Corporation Ltd, Akzo Nobel Chemicals MCA (Taixing) Co, Ltd. (part of the Dutch Fortune 500 company Akzo Nobel N. V.) and Yantai Wanhua Polyurethanes Co., Ltd, the largest domestic MDI producer in the PRC.

In a strategic thrust to expand our chemical raw materials business, SP Chemicals had, in August 2004, unveiled our Medium-Term Strategic Business Plan ("MTSBP"). The core of the plan was a commitment to achieve further growth and profitability pursued through an estimated US$216 million investment in a series of initiatives, These initiatives included the creation of new capabilities for the production of Vinyl Chloride Monomer ("VCM"), the doubling of our Chlor-alkali and aniline production capacities, and the development of our Co-generation plant.

Since 3Q 2006, the Company has doubled our Chlor-alkali and aniline production capacities in its Production Phase Four Expansion Plans ("PP4"). Our Co-generation plant has also been operating since May 2006. In addition, the construction of our VCM plant has been completed, with commercial operation targeted by the second half of FY2007.

Construction of co-generation plant ? Estimated investment of US$83 million
In anticipation of the demand for electricity needed to support the new strategic business plan, Singpu Chemicals intends to augment its originally-planned US$43 million 60MW co-generation plant (currently under construction), by a further 60MW. The 120MW co-generation plant will cost approximately US$83 million, and is aimed at reducing Singpu Chemicals’ energy costs, and improving the Group’s competitiveness. The first 60MW co-generation plant will be completed by late 2005, with the additional 60MW capacity expansion to be added by late 2006.

Doubling of chlor-alkali capacity ? Estimated investment of US$43 million
To meet the rising demand for chemicals as the PRC continues to establish itself as a manufacturing hub, Singpu Chemicals will construct a new chlor-alkali facility which will be housed within its existing chemical facility at Taixing Park.
Construction of the chlor-alkali plant will commence in 2005. The new capacity, scheduled to come online in late 2005, will double the Group’s annual production capacity of caustic soda and chlorine to approximately 300,000 tonnes and 264,000 tonnes respectively.
the additional supply of chlorine will be used internally for the production of VCM

The annual production capacity of aniline will also double to approximately 90,000 tonnes. The additional supply of aniline and caustic soda will allow Singpu Chemicals to capitalise on the demand for these chemical raw materials in the PRC,.

Construction of a new VCM plant ? Estimated investment of US$90 million
An estimated US$90 million will go into the construction of a new VCM plant, and will include auxiliary facilities to support an annual production capacity of 200,000 tonnes of VCM, based on direct chlorination process and oxy-chlorination process. The VCM plant will be located on a reserved 1 sq km site within Singpu Chemicals’ flagship chemical facility located in the China Fine Chemical Industry Taixing Park (“Taixing Park”) in Jiangsu Province. Construction of the new plant is scheduled to begin in early 2006, and expected to be completed in 2007.

With the successful implementation of our MTSBP, the Group announced our Production Phase Five Expansion Plans ("PP5") in December 2006, which aims to drive our growth further and faster. With PP5, the Group's annual production capacities for caustic soda, chlorine, and aniline, will increase to 450,000 tonnes (from 300,000 tonnes), 396,000 tonnes (from 264,000 tonnes), and 135,000 tonnes (from 90,000 tonnes), respectively. Construction of our new PP5 facilities began in 1Q 2007, with trial production targeted to take place by 1Q 2008.

SP Chemicals has a clear strategy, rigorously defined business model, a strong management team and a programme to raise productivity and optimise costs. The Group has consistently produced solid results, providing immediate value to our shareholders. Our vision is to aggressively seek every opportunity to grow and to become a premier, top-tier chemical company in the PRC.

　

The 120MW co-generation plant
　　　The first 60MW co-generation plant　completed by late 2005
　　　additional 60MW capacity expansion 　be added by late 2006.

　

chlor-alkali capacity (ion membrane electrolysis)
　　　Construction of the chlor-alkali plant will commence in 2005.
　　　The new capacity, scheduled to come online in late 2005

　　　　 double the Group’s annual production capacity
　　　　　　　 caustic soda to approximately 300,000 tonnes s
　　　　　　　 chlorine to approximately 264,000 tonnes
　　　　　additional supply of chlorine will be used internally for the production of VCM

Production Phase Five Expansion Plans
　　caustic soda　to 450,000 tonnes (from 300,000 tonnes)
　　chlorine　to 396,000 tonnes (from 264,000 tonnes).
(PP5 facilities began in 1Q 2007, with trial production targeted to take place by 1Q 2008.)

aniline
　　　　double to approximately 90,000 tonnes

Production Phase Five Expansion Plans
　　aniline to 135,000 tonnes (from 90,000 tonnes)
(PP5 facilities began in 1Q 2007, with trial production targeted to take place by 1Q 2008.)

　

new VCM plant
　　　　an annual production capacity of 200,000 tonnes of VCM
　　　　　　　　based on direct chlorination process and oxy-chlorination process
　　　　　Construction to begin in early 2006, and expected to be completed in 2007.

Solvay SA signed a license agreement to supply its vinyl chloride monomer technology to Singpu Chemical Industries Co., Ltd. for the construction of a new production unit in Taixing (Jiangsu Province,

　

　

　

Doubling of Chlor-alkali and Aniline Capacities ? Estimated Investment of US$43 million

To meet the rising demand for chemicals as the PRC continues to establish itself as a manufacturing hub, SP Chemicals has constructed a new Chlor-alkali facility, which is housed within our existing chemical facility at China Fine Chemical Industry Taixing Park (“Taixing Park”) in Jiangsu Province.

Construction of the Chlor-alkali plant commenced in 1Q 2005.Since May 2006, we successfully doubled our Chlor-alkali and aniline production capacities in what we term as our Production Phase Four Expansion Plans ("PP4"):

Caustic soda: from 150,000 tonnes to 300,000 tonnes
Chlorine: from 132,000 tonnes to 264,000 tonnes
Aniline: from 45,000 tonnes to and 90,000 tonnes

PP4 has been operating at full capacity since 3Q 2006. The additional supply of aniline and caustic soda will allow SP Chemicals to capitalise on the demand for these chemical raw materials in the PRC, while the additional supply of chlorine will be used internally for the production of the Group’s new product ? VCM.

Construction of Co-generation Plant ? Estimated Investment of US$83 million

In anticipation of the demand for electricity needed to support the Company's growth has constructed a 120 MW Co-generation plant is aimed at reducing SP Chemicals’ energy costs, and improving the Group’s competitiveness.

With many parts of the PRC experiencing power shortages due to unprecedented levels of growth in the country, SP Chemicals’ Co-generation plant is expected to fulfill 100% of the Group’s energy requirements, up to our PP4 capacity expansion.

To ensure efficient transportation of coal needed for the smooth operations of the Co-generation plant, SP Chemicals has constructed a new coal jetty with a handling capacity of 35,000 tonnes of coal, which has been operational since February 2006.

Construction of a New VCM Plant ? Estimated Investment of US$90 million

An estimated US$90 million will go into the construction of a new VCM plant, including auxiliary facilities to support an annual production capacity of 200,000 tonnes of VCM, based on direct chlorination process and oxychlorination process. The VCM plant is located on a reserved 1 sq km site within SP Chemicals’ flagship chemical facility located in the Taixing Park. Construction of the new plant is well underway, with trial operations expected in the second half of FY2007.

Separately, the Group also constructed a new chemical raw materials jetty which has a handling capacity of 25,000 tonnes of liquid chemicals to be used to transport ethylene, a feedstock for the production of VCM, as well as to deliver VCM and caustic soda to customers.

The venture into the VCM business is part of SP Chemicals’ ongoing strategy of moving further into downstream products that will complement our existing product range.

VCM is predominantly used as the main raw material for the manufacture of PVC, which is a versatile resin and one of the oldest established plastics.

In the PRC, demand for PVC is expected to grow in industries such as construction (pipes, window and door frames, flooring tiles), packaging, consumer goods (foamed leather cloth, curtains, tarpaulins), automotive, and also for medical use (blood bags).

Production Phase Five Expansion Plans ("PP5") - Estimated investment of approximately US$35 million

With the successful implementation of our MTSBP, the Group announced our PP5 in December 2006, which aims to drive our growth further and faster. With PP5, the Group's annual production capacities for caustic soda, chlorine, and aniline, will increase to 450,000 tonnes (from 300,000 tonnes), 396,000 tonnes (from 264,000 tonnes), and 135,000 tonnes (from 90,000 tonnes), respectively.

The investment for PP5 is estimated to be RMB280 million (approximately US$35 million), which will be met mostly from internal cash flows. The estimated investment for PP5 is lower than that required for PP4, as some of the basic infrastructure is already in place. Moreover, we expect to generate further economies of scale and cost savings. Investing in PP5 would not only require a smaller investment amount, but also yield a higher return on investments and faster payback period.

Construction of our new PP5 facilities began in 1Q 2007, with trial production targeted to take place by 1Q 2008.

...

Singpu considers PVC production

Singpu Chemicals is investigating the possibility of diversifying into the production of PVC from caustic soda, aniline and chlorine in China. Capacity and startup date are unknown, as the project is at a preliminary stage.

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Singpu Chemicals 　　　　　　http://www.singpu.com

Our Company was incorporated in Singapore on 8 November 1990 as a private company limited by shares under the name of Panasia Investment Pte Ltd. We changed our name to Asiawide Chemicals Pte Ltd on 29 December 1995 and set up Singpu Chemcials Industries (Taixing) Co., Ltd. ("SCI") as our wholly-owned subsidiary in the PRC on 30 December 1995. On 29 July 2002, our Group acquired an 80% interest in Singpu Chemicals Industries (Yancheng) Co., Ltd.("YSC"), a joint venture company operating in the PRC, from our Parent Group. On 18 February 2003, we changed our name to Singpu Chemicals Pte Ltd. In August 2003, we are listed on the Mainboard of the SGX-ST and changed our name to Singpu Chemicals Ltd.

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SP Chemicals plans SM project in Jiangsu

SP Chemicals has planed to build a large-scale styrene monomer (SM) project in Taixing , Jiangsu province.

With investment around USD 147 million (RMB 1.1 billion), the proposed SM project will have capacity of 320,000 ton/year. It is expected to start construction in Q3 2008 and be completed by the end of 2009. The trial production is targeted by Q1 of 2010.

Through the route of catalytic dehydrogenation of ethyl-benzene, the 320 kt SM project requiring 89.6 kt ethylene and 249.2 kt benzene per year, according to SP Chem. But the company did not disclose where the feedstock would be sourced from.

According to the estimate of SP Chem, the demand for SM in Jiangsu and Zhejiang provinces is approx. 3.5 million ton per year currently and growing steadily. The company hopes to catch the opportunity of rising market demand so set up this project strategically in Taixing , Jiangsu Province.

The production of SM would also allow SP Chem to share the facilities which already built in the same site. SP Chemicals also known as Singpu Chemicals, the company produces and sells Chlor-alkali products and related downstream products to China domestic and export customers.

China consumed around 4.05 million ton and imported 2.8 million ton SM in 2005; consumed around 4.46 million ton and imported 2.3 million ton SM in 2006. In 2010, the estimated annual consumption for SM is 7 million ton in China .

-----------------------------------------
Singpu Chemicals principal products are aniline, caustic soda, chlorine, chlorobenzene and nitrochlorobenzene--which are all commodity chemicals typically used by other chemical companies to produce higher value chemical end-products.

Singpu produces caustic soda (NaOH) from salt (NaCl) by a process called ion membrane electrolysis, which produces a higher quality/purity and higher concentration caustic soda than competing processes (diaphragm cells) commonly used by competing state-owned chemical companies.
-----------------------------
Posted August 9th, 2004

Singpu Chemicals Unveils Medium-Term Strategic Business Plan Involving US$216 Million in Investments

Singpu Chemicals Ltd., today unveiled a medium-term Strategic Business Plan, aimed at advancing an overall strategy geared to achieve increased growth and profitability.

Under the business plan, the Group will invest an estimated US$216 million in a series of initiatives which will include the creation of new capabilities for the production of VCM (Vinyl Chloride Monomer), doubling of its chlor-alkali production capacity, and expansion of our co-generation plant from 60MW (megawatts) to 120 MW. The projects will be implemented in phases over the next three years. The initial phase will be financed through internal funds and bank loans. For subsequent phases, various funding options will be considered.

The key elements of the medium-term business plan include:

Construction of a new VCM plant ? Estimated investment of US$90 million
An estimated US$90 million will go into the construction of a new VCM plant, and will include auxiliary facilities to support an annual production capacity of 200,000 tonnes of VCM, based on direct chlorination process and oxy-chlorination process. The VCM plant will be located on a reserved 1 sq km site within Singpu Chemicals’ flagship chemical facility located in the China Fine Chemical Industry Taixing Park (“Taixing Park”) in Jiangsu Province. Construction of the new plant is scheduled to begin in early 2006, and expected to be completed in 2007.

Doubling of chlor-alkali capacity ? Estimated investment of US$43 million
To meet the rising demand for chemicals as the PRC continues to establish itself as a manufacturing hub, Singpu Chemicals will construct a new chlor-alkali facility which will be housed within its existing chemical facility at Taixing Park.
Construction of the chlor-alkali plant will commence in 2005. The new capacity, scheduled to come online in late 2005, will double the Group’s annual production capacity of caustic soda and chlorine to approximately 300,000 tonnes and 264,000 tonnes respectively.
The annual production capacity of aniline will also double to approximately 90,000 tonnes. The additional supply of aniline and caustic soda will allow Singpu Chemicals to capitalise on the demand for these chemical raw materials in the PRC, while the additional supply of chlorine will be used internally for the production of VCM.
Construction of co-generation plant ? Estimated investment of US$83 million
In anticipation of the demand for electricity needed to support the new strategic business plan, Singpu Chemicals intends to augment its originally-planned US$43 million 60MW co-generation plant (currently under construction), by a further 60MW. The 120MW co-generation plant will cost approximately US$83 million, and is aimed at reducing Singpu Chemicals’ energy costs, and improving the Group’s competitiveness. The first 60MW co-generation plant will be completed by late 2005, with the additional 60MW capacity expansion to be added by late 2006.
Singpu Chemical Industries (Yancheng) Co., Ltd (“Yancheng”)
The Group’s strategic thrust is to invest in core and profitable businesses, while divesting underperforming assets. In line with this, the Group intends to divest its investment in Yancheng. “We believe that this divestment will improve the Group’s overall performance," said Mr Chan.
Singpu Chemicals, incorporated in Singapore, has a long and successful history in the PRC. The Group’s commitment in the PRC began more than a decade ago when it saw the growing potential of the chemical industry in Jiangsu Province. The Jiangsu Province has proven to be an excellent base for Singpu Chemicals and the Company has since grown to become a major chemical raw materials producer in the PRC.

“Singpu Chemicals has enjoyed phenomenal success in the PRC, and the opportunities facing the Company going forward are tremendous. With our new medium-term Strategic Business Plan, we have every intention of extending our reach and entrenching our dominance,” said Mr Chan.

For more information on polyvinyl chloride, click here..

Platts 2008/11/11

SP Chemicals puts China SM project on ice due to economic woes

Singapore's SP Chemicals is delaying the construction of its styrene monomer project at Taixing in China's Jiangsu province by "at least two years," due to the current global financial crisis and unfavorable product prices, the company announced late Tuesday.
The company said that it will continue to monitor prices and the demand-supply situation of SM before embarking on the project.
Construction of the 320,000 mt/year styrene plant was originally slated to begin in the third quarter of 2008 and to see trial production by the first quarter of 2010.
Earlier, a source close to SP said that the company was planning to sell nearly all the styrene monomer it produces at the plant within Jiangsu province.
Jiangsu is home to a large number of expandable polystyrene producers that are not backward integrated.