Jan 27 2011
Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, today announced that it has received approval for a patent related to the Company's proprietary production process, called MEP (Multiple Ethylene Propylene).
MEP is an exclusive and leading technology used in Keyuan's existing production process.
Through the ingenuity of its CEO Chungfeng Tao, Keyuan has developed this proprietary production process that improves the manufacturing efficiency and flexibility for a wide range of petrochemicals. The utility model patent received, #ZL-2010-2-0191523.6, applies to a processing technology used in the production of ethylene and propylene. This technology allows the Company to use lower grade feedstock (such as heavy oil) instead of Naphtha, a higher grade feedstock commonly used in other existing petrochemical production processes. It also allows the Company to improve the yield and utilization rate of its production line, resulting in a 15% cost savings.
"We are proud to receive this patent for our proprietary production process," stated Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan. "It demonstrates our commitment to technology advancement. Keyuan's ability to shift feedstock from the commonly used Naphtha to heavy oil is the Company's key competitive advantage. This advantage is reflected in both lower raw material costs and higher production efficiency. MEP technology allows more efficient use of natural resources and solves the existing feedstock sourcing problem in petrochemical industry due to the scarcity of Naphtha. With our ongoing research and development efforts, we will remain at the forefront of innovation in our industry."
Source: http://www.keyuanpetrochemicals.com/