NINGBO, China, Jan. 25, 2011 /PRNewswire-Asia-FirstCall/ --
Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the
"Company"), a leading merchant manufacturer of various
petrochemical products in China,
today announced that it has received approval for a patent related
to the Company's proprietary production process, called MEP
(Multiple Ethylene Propylene). MEP is an exclusive and leading
technology used in Keyuan's existing production process.
Through the ingenuity of its CEO Chungfeng Tao, Keyuan has
developed this proprietary production process that improves the
manufacturing efficiency and flexibility for a wide range of
petrochemicals. The utility model patent received,
#ZL-2010-2-0191523.6, applies to a processing technology used in
the production of ethylene and propylene. This technology allows
the Company to use lower grade feedstock (such as heavy oil)
instead of Naphtha, a higher grade feedstock commonly used in other
existing petrochemical production processes. It also allows the
Company to improve the yield and utilization rate of its production
line, resulting in a 15% cost savings.
"We are proud to receive this patent for our proprietary
production process," stated Chungfeng Tao, Chairman and Chief
Executive Officer of Keyuan. "It demonstrates our commitment to
technology advancement. Keyuan's ability to shift feedstock from
the commonly used Naphtha to heavy oil is the Company's key
competitive advantage. This advantage is reflected in both lower
raw material costs and higher production efficiency. MEP technology
allows more efficient use of natural resources and solves the
existing feedstock sourcing problem in petrochemical industry due
to the scarcity of Naphtha. With our ongoing research and
development efforts, we will remain at the forefront of innovation
in our industry."
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating
through its wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is
located in Ningbo, China and is a
leading independent manufacturer and supplier of various
petrochemical products. Having commenced production in October 2009, Keyuan's operations include an
annual petrochemical manufacturing design capacity of
550,000 MT for a variety of
petrochemical products, with facilities for the storage and loading
of raw materials and finished goods, and a technology that supports
the manufacturing process with low raw material costs and high
utilization and yields. In order to meet increasing market demand,
Keyuan plans to expand its manufacturing capacity to include a SBS
production facility, additional storage capacity, a raw material
pre-treatment facility, and an asphalt production facility.
Safe Harbor Statement
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. For
example, statements about the future use of the proceeds are
forward looking and subject to risks. Keyuan Petrochemicals, Inc.
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission on
forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, risks outlined in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form S-1, as
amended. The Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
For more information, please
contact:
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Investor Relations:
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HC International, Inc.
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Ted Haberfield
Executive VP
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Tel:
+1-760-755-2716
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Email:
thaberfield@hcinternational.net
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Website:
http://www.hcinternational.net
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SOURCE Keyuan Petrochemicals, Inc.