AgroPages-Huifeng Bio Agriculture to inject 308 million yuan into wholly-owned petrochemical subsidiary-Agricultural news

Huifeng Bio Agriculture to inject 308 million yuan into wholly-owned petrochemical subsidiary

Chinese agrochemical company Jiangsu Huifeng Bio Agriculture has planned a capital increase of 308 million yuan for its wholly-owned subsidiary Jiangsu Huifeng Petrochemicals Ltd. The capital increase is being made to enhance the operational capacity and competitive edge of the subsidiary. After the completion of the capital increase, the company will still hold 100% shares in the subsidiary.

It is reported that phase 1 of the Jiangsu Huifeng Petrochemicals Ltd has been built with a storage capacity of 308,000m3. In January, the 26 storage tanks totalling 162,000m3 (including six gas tanks totalling 18,000m3) of the phase 2 of Huifeng were commissioned and reached operational readiness. By virtue of the national class 1 Dafeng Port and the locational advantage, the service of phase 2 of Jiangsu Huifeng Petrochemicals Ltd is expected to cover more industrial areas in the surrounding regions via the release of differentiated product lines and efficient services for customers.

In the years ahead, Huifeng will establish a closer supply-chain partnership with upstream and downstream enterprises using the advantage of the petrochemical storage facility, which will be built into an influential chemical material marketplace in east China, expected to become a new source of growth for the company.