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Keyuan Petrochemicals Announces New General Manager For Its Subsidiary

NINGBO, China, Dec. 11, 2012 /PRNewswire-FirstCall/ -- Keyuan Petrochemicals Inc. (OTCQB: KEYP), ("Keyuan" or the "Company"), an independent manufacturer and supplier of various petrochemical products in China, today announced that the Company's wholly owned operating subsidiary, Ningbo Keyuan Plastics has appointed Mr. Shifang Wang as the new General Manager, effective immediately, replacing Dr. Jingtao Ma. In the new position Mr. Wang will be responsible for daily operation and management and efficiency improvement of Ningbo Keyuan Plastics.

Mr. Wang has over 30 years management experience in petrochemical technology and manufacturing, and is specialized in oil refining and catalytic cracking. He joined Ningbo Keyuan in 2009 as Vice President and Chief Engineer leading the R&D deportment. In April, 2012, Mr. Wang was appointed as the General Manager of Guangxi Keyuan New Materials Co., Ltd ("Guangxi Keyuan"). Guangxi Keyuan is an operating  subsidiary held by Ningbo Keyuan Plastics and Keyuan Group Limited Hong Kong. Keyuan Group Limited Hong Kong is an indirectly wholly owned subsidiary of the Company.

Before joining Ningbo Keyuan, Mr. Wang served at several management positions. From 1981 to 2002, Mr. Wang was the Chief Engineer at Sinopec Anqing Refinery Co., responsible for technology development and research. From 2003 and 2006, he was the head of Operation Department at Guangdong Tianyi Group Co., Ltd., leading phase II production line expansion, including construction of 500,000 MT heavy oil catalytic cracking facility, 150,000 MT gas fractionation facility, 10,000 MT sulphur recovery facility and 30,000 MT polypropylene facility. Mr. Wang received his Bachelor of Science in Chemical Engineering from China Petroleum University and Master of Art in Enterprise Management from Qinghua University.

Meanwhile, Dr. Ma will continue to serve as the General Manager of Ningbo Keyuan Petrochemicals, the sales and marketing subsidiary of the Company. In his position, Dr. Ma will be responsible for sales, marketing, raw material sourcing and market analysis.

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