Keyuan Petrochemicals (PINK:KEYP)

NINGBO, China, October 19, 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 appointed Mr. Fan Zhang, the Vice President of Accounting, as the Acting Chief Financial Officer ("CFO") effective immediately. Mr. Zhang joined the Company in May 2011 and replaced Mr. Weifeng Xue as the Vice President of Accounting in August 2011. The Company has commenced a search for a permanent CFO.

Before joining Keyuan, Mr. Zhang was a Finance Director in Ningbo LG Yongxing Chemical Co., Ltd., a Sino-Korean joint venture between Ningbo Yongxing Chemical Investment Co. Ltd., and LG Chemical Co. Ltd., the largest chemical company in Korea. Ningbo LG Yongxing Chemical Co. Ltd is the largest ABS producer in China. Mr. Zhang has more than twelve years' experience in financial reporting and controls, tax planning, fund management, ERP operation system management, internal audit and property insurance planning. Mr. Zhang holds a Bachelor degree in Economics from Hangzhou Electronic Technical University.

Ms. Aichun Angela Li resigned as CFO of the Company effective October 12, 2011. Ms. Li is currently retained by the Company as a consultant to assist with the transition and other tasks as directed by the Board of Directors.

Mr. Chungfeng Tao, Chairman and Chief Executive Officer of Keyuan Petrochemicals, began, "I would like to thank Ms. Li for her hard work throughout this process. I am confident that the improvements we have already made in our financial reporting and internal controls, in addition to Mr. Zhang and a new permanent CFO, will make Keyuan a stronger company."