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China's Largest Chemical Fiber Company Given Huge Loan
Yizheng Chemical Fiber Corp. Ltd., China's largest chemical fiber company, has been granted a 1.28 billion (154 million US dollars) yuan loan to develop its PTA program, said a local newspaper in Jiangsu Province in east China.
PTA is a raw material used to produce chemical fiber. Yizheng's PTA program, with an annual capacity of 450,000 tons, was approved by the State Economic and Trade Commission and the loan was granted by the Jiangsu Branch of the Industrial and Commercial Bank of China.
The Yizheng company was established at the end of 1993 in accordance with the principles of modern enterprises. It is registered in A and H shares on the stock-exchange and the Sino Petro-Chemical Corp. Ltd. is its holding company.
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