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On August 10, Deer Chemical (Shandong Huayang Deer Chemical Co., Ltd.) released an investment announcement, stating that the company plans to invest 350 million yuan to build a project with an annual capacity of 300,000 tons of industrial nitric acid and 133,200 tons of concentrated nitric acid in the Ningyang Chemical Industrial Park, Tai'an City, Shandong Province. The project construction period is 24 months.
The project includes the construction of supporting nitric acid production units and related utility engineering facilities. The funding will come from the company's own funds and self-raised capital. The investment proposal has been approved by the Board of Directors, however it still needs to be submitted to the Shareholders' Meeting to a vote. Additionally, a series of approval procedures such as land listing and auction, environmental impact assessment, planning, and construction must be completed.
From the perspective of corporate operations, the completion of the new project will bridge the gap in the company's nitric acid raw material supply, meet the production needs of internal downstream units, and provide raw material support to companies within the manufacturing park's chain. The project will simultaneously implement upgrades to process equipment, balancing security improvements with energy conservation and carbon reduction goals, further consolidating the company's competitive advantage in the nitric acid and nitrate manufacturing chain.
Nitric acid is a key basic raw material in the fields of nitro chemicals, fine chemicals, fertilizer manufacturing, and new materials. The implementation of this new capacity will continue to affect the supply and distribution pattern of nitric acid in North China. The market will continue to follow up on the project approval and construction schedule.
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