Agreement Signed for China-Taiwan PTA Venture

Far Eastern New Century Corp. (FENC; Taipei) and Yizheng Chemical Fibre (YCF; Yizheng, China) say they have signed a preliminary agreement to establish a 60-40 joint venture that would build a purified terephthalic acid (PTA) plant in China. The plant would be constructed in the Yangzhou Chemical Industrial Park. The park authority also signed the agreement. The National Development and Reform Commission (Beijing), China's top planning authority, has granted a license to YCF to build a 1-million m.t./year PTA unit with an investment of Rmb3.8 billion. FENC says...

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