OREANDA-NEWS. January 31, 2012. Keyuan Petrochemicals Inc. (OTC: KEYP), ("Keyuan" or "the Company"), an independent manufacturer and supplier of various petrochemical products in China, today announced that the Company has added a board observer, Mr. Lei ("Michael") Xu, a partner of Prax Capital, to its board of directors effectively immediately.

Mr. Xu is a partner at Prax Capital, a private equity fund focusing on growth capital investments in China.  Mr. Xu joined Prax Capital in 2003, and has been primarily responsible for leading the investment team in sourcing, evaluating and executing deals, including the investments in Suntech and Little Sheep. Prior to joining Prax Capital, Mr. Xu worked at NewMargin Ventures, Kamsky Associates, Inc. and Deloitte & Touch. Mr. Xu holds an MBA degree from the Wharton School at the University of Pennsylvania and a law degree from Ningbo University in China.

About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Ningbo Keyuan Plastics, Co. Ltd. and Ningbo Keyun Petrochemicals Co., Ltd., is located in Ningbo, China and is an independent manufacturer and supplier of various petrochemical products. Having commenced production in October 2009, Keyuan's operations include an annual petrochemical manufacturing design capacity of 720,000 MT for a variety of petrochemical products, with facilities for the storage and loading of raw materials and finished goods, and a technology that supports the manufacturing process with low raw material costs and high utilization and yields. In order to meet increasing market demand, Keyuan plans to expand its manufacturing capacity to include a SBS production facility which was completed in September 2011 and is currently on trial production, additional storage capacity, a raw material pre-treatment facility, and an asphalt production facility.