Gushan Environmental Energy Limited Begins Production at Additional Beijing Plant Facilities, Gushan Environmental Energy Limited
Release Date: 2009-03-31
Gushan Environmental Energy Limited ("Gushan" or the "Company"; NYSE: GU), China's largest producer of biodiesel as measured by annual production capacity, today announced that its Beijing plant's additional production facilities have commenced production, adding 50,000 tons to the Company's annual biodiesel production capacity. As a result, these additional facilities have doubled the total biodiesel production capacity of the Beijing plant from 50,000 tons to 100,000 tons.
"We are pleased to announce the commencement of production of our Beijing plant's additional facilities. Construction of the additional facilities was completed within our prior estimated budget. In addition to our Fujian plant, this is our second plant with an annual biodiesel capacity of 100,000 tons. We believe this milestone demonstrates our ability to efficiently expand our production lines and execute our growth strategy. With this additional biodiesel capacity, we believe that Gushan has not only strengthened its leadership in the China biodiesel industry but has also further contributed to the environmental and energy needs of China," said Jianqiu Yu, Chairman of Gushan.
To remain at the forefront of China's biodiesel industry, Gushan plans to continue expanding its production capacity. In addition to commencing operations of the additional facilities in our Beijing plant, Gushan plans to open new biodiesel plants in Chongqing and Hunan in the second quarter of 2009, each with an initial target annual biodiesel capacity of 30,000 tons and to construct a new plant in Sichuan, with a target annual biodiesel capacity of 50,000 tons, located near Sichuan Gushan's existing plant. In February 2009, Sichuan Gushan commenced preparatory work for the construction of its new plant, which is targeted to commence production in the first half of 2010. Nevertheless, given the uncertain macro environment as a result of the global financial crisis, Gushan will be closely monitoring its market situation and will make changes to its expansion plans if necessary.
With the commencement of operating the additional facilities at the Beijing plant and its existing five production facilities, located in the Sichuan, Hebei and Fujian provinces and Beijing and Shanghai, Gushan's aggregate annual biodiesel production capacity is 340,000 tons.
| Type: | NORMAL |
| Company: | Gushan Environmental Energy Limited |
| Country: | China |
| Url: | http://www.chinacleanenergy.cn/english/contents/117/2818.html |