China’s Changzhou’s Bohai New Area was chosen by local company Lunte Petrochemical as a site for a new waste tire recycling plant with the annual capacity of over 238 kilotonnes. The announcement was made by Chinese authorities in October.

The facility’s commissioning has become possible due to Lunte’s phase one plan that saw investment of USD 289.2 million (2 billion CNY).

Moreover, the plan considers 430 kilotonnes of annual capacity for modified asphalt, as well as 1,500 kilotonnes early capacity for heavy duty asphalt.

The company also revealed that it has expansion plans for the Changzhou-based plant as it hoped to produce asphalt and petrochemicals with overall annual capacity of over 5,500 kilotonnes, as it anticipates providing funding of over USD 794 million. Chinese Lunte is the country’s pioneer producer of heavy duty asphalt, it started operation in 2000. Morever, following six years after launch the firm started manufacturing rubber powder out of waste tires.

Article by InvestSize.