SP Chemicals to shift focus on styrene monomer production

In a bid to meet strong global demand, SP Chemicals plans to produce 320,000 tpa of styrene monomer. SP Chemicals plans to invest 1.1 bln renminbi (S$220 mln) on production facilities in China, financed by internal cash flow and bank borrowings. Construction of the new styrene monomer production plant is expected to commence in Q3-2008, and completed by Q4-2009, with trial production targeted to take place by Q1-2010. Global supply for SM in 2006 was pegged at 25 mln tons as against demand of 25.5 mln tons. By 2010, total global supply is estimated to be 28.5 mln tons against global demand of 33.5 mln tons.
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