On July 4, the annual output of 1.5 million tons of terephthalic acid (TPA) project of Jiangsu Honggang Petrochemical Co., Ltd. invested by Shenghong Group was started in the Xuyi New District of Lianyungang City. This project adopts the technology with independent intellectual property rights and makes full use of domestic equipment manufacturing technology. The implementation of the project will play an important role in upgrading the technological level and industrial competitiveness of China's TPA, and will effectively alleviate the contradiction between supply and demand of TPA in China. The total investment of the project is about 5.2 billion yuan, and it is planned to be put into production in the first half of 2013, when the annual sales revenue will exceed 10 billion yuan.
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