Keyuan Petrochemicals (PINK:KEYP)

NINGBO, China, July 6, 2011 /PRNewswire-Asia-FirstCall/ -- Keyuan Petrochemicals, Inc. (Nasdaq: KEYP) ("Keyuan or the "Company"), a leading merchant manufacturer of various petrochemical products in China, announced today that it has engaged GHP Horwath P.C., ("GHP Horwath") a member of Crowe Horwath International, as its new auditor. GHP Horwath will commence its work immediately with the audit of the Company's 2010 financial statements, which are to be included in the Company's 2010 Annual Report on form 10-K.

Mr. Chunfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals stated, "After an extensive search process, we decided to engage GHP Horwath as our new auditor. As a member of a top 10 network of worldwide audit firms with extensive experience with U.S. and Chinese accounting standards, we believe GHP Horwath will provide us with quality audit services."