Keyuan Petrochemicals Inc., an independent manufacturer and supplier of various petrochemical products in China, announced that on January 3, the Board of Directors of Keyuan approved the appointment of Baoyun Zhen as the Chief Financial Officer of the Company, replacing Fan Zhang, who the Company intends to appoint as the Chief General Manager of Zhejiang Zhongke Xunen Import and Export.

According to a release, Zhejiang Zhongke Xunen Import and Export will be responsible for international exporting and importing to enlarge the scope of business activities. Zhang will be in charge of its incorporation and management operations. The ownership of the new company is still being negotiated and no final amounts have been determined.

Zhen as the new CFO will be responsible for the accounting and finance management of the Company. Zhen has over 18 years of experience in financial management. Before joining the Company, from 2011 to 2013, Zhen served as a finance director of Ningbo AIERNI Group Co. and from 2002 to 2011, Zhen served as a finance director at Ningbo YunShen Corp.

The Company further announced that Jintao Ma resigned from his position of Vice President and the Chief General Manager of Ningbo Keyuan Petrochemicals due to personal reasons. Ma was responsible for the sales and marketing, raw materials sourcing and market analysis for the Company. The Company is searching for a qualified candidate and plans to fill in the vacancy caused by Ma's resignation in a short time.

"This new company will be a positive effort to explore the global trade market that we are excited to be a part of," said Chunfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals.