SHENZHEN, May 23, SinoCast -- Inner Mongolia Yuan Xing Energy Co., Ltd. (SZSE: 000683) said the board decided to adjust use of supporting capital from major asset consolidations. CNY 850 million will be used for a 300,000-ton synthetic ammonia and 520,000-ton multi-use urea project of Xingan Mengboyuan Chemical Co., Ltd., a wholly-owned subsidiary of Henan Zhongyuan Chemical Co., Ltd. The rest CNY 200 million will be used to replenish working capital.
Total investment of Xingan Mengboyuan's 300,000-ton synthetic ammonia and 520,000-ton multi-use urea project is about CNY 3.95 billion. About CNY 1.1 billion had been invested by December 31, 2013. The project regards coke nearby as raw material and goes with the national industrial planning.
Yuan Xing Energy said the adjustment would help it polish performance, raise competitiveness of its previous fertilizer business division, strengthen a regional edge, and put synergistic effect into full play.