Hengli Petrochemicals, one of the leading companies engaged in the manufacturing of chemical fibres in China, has announced the expansion of its Purified Terephthalic Acid (PTA) plant capacity by 5 million TPA. The plant worth USD 1.69 billion is to be built as two separate units each of capacities 2.5 million TPA, in Guangdong Province. Although the exact date for commencement has not been revealed but the project is anticipated to begin production by the end of 2021. Post the completion of project, the company will overtake Yisheng Petrochemicals as a market leader for PTA production in China. As of now, the company operates a total of five manufacturing divisions of PTA in Dalian. The company is looking forward to financing a significant part of investment on its own, with critical help from banks as loans. With this expansion, China’s production capacity of PTA is perceived to overflow pressurising the fundamentals of the Global PTA market.