Yantai, China - Wanhua held an official opening ceremony 6 Jan 2010 for its new Wanhua Bajiao Portside Industrial Park in Yantai.
"Our new chemical park, planned by Yantai municipal government, that occupies 1000 hectares of land, with Phase I investment amounts to RMB 13 200 million($1930 million)will enable us to create a fully integrated isocyanates complex in China's north-east Shandong province besides our integrated complex in Ningbo located on the S.E. China coast," said Wanhua's chairman Jiansheng Ding.
"With this new investment, Wanhua Group will have more than 1500 kilotonnes of isocyanates capacity in China, making the corporation one of the biggest and most competitive urethane producers in the world," added Ding, in the company's 19 Jan announcement.
During the ceremony, attended by around 300 guests, Ding noted that the company is: "fully aware of the impact of these new investments may have on the global isocyanate supply situation, and also on the potential changes in the global trade balance."
He added that "our view is that global polyurthane markets still have a healthy long-term growth outlook in emerging and existing regions," but noted that "China will have overcapacity for a period of time."
"The site will include 600 ktpa MDI (methylene diphenyl diisocyanate) and 300 ktpa TDI (toluene diisocyanate) units and the first phase of this project will be on stream by the end of 2013. The completion of the Wanhua Bajiao project will create the world's leading low-cost fully integrated unit in the industry," noted Zengtai Liao, ceo of Yantai Wanhua Polyurethanes Co. Ltd.