Zhejiang Hualian Sunshine Petrochemicals, China's leading producer of purified terephthalic acid (PTA) and an affiliate of China Union Holdings, has reportedly brought the PTA production to a standstill owing to a huge loss it incurred in the trading PTA futures contracts on Zhengzhou Commodity Exchange. China Union, which owns a 26.4% stake in Zhejiang Hualian Sunshine Petrochemicals, had asked for clarification from its affiliate on the above loss incurred as reported by Shanghai Securities News. Zhejiang Hualian Sunshine Petrochemicals, which had secured around 100,000 metric tons of PTA via futures contracts, was on the brink of insolvency and cash flow crisis.
07-Oct-08 
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