Keyuan Petrochemicals Files Extension for 3rd Quarter 2011 form 10-Q Filing

Keyuan Petrochemicals Inc. (OTC: KEYP), ("Keyuan" or "the Company"), a leading manufacturer and supplier of various petrochemical products in China, today announced that it will be filing Form 12b-25 with the Securities and Exchange Commission on November 15, 2011 to extend the filing of the Company’s Form 10-Q for the nine months ended September 30, 2011, for up to an additional five calendar days.

The Company is filing for an extension due to delays in compiling the required information for the preparation of the financial statements. The extension grants the Company until November 21, 2011 to file its Form 10-Q. Complying with this deadline deems the Form 10-Q to be timely filed.

Preliminary Results for Third Quarter 2011

The company expects to report approximately $168 million in revenue for three months ended September 30, 2011. Furthermore, the Company expects to report a net loss due to the higher cost of sales and the increase in legal, consulting and investigation expenses, in addition to a 19 day suspension of production caused by the upgrade of the local power grid. The higher cost of sales was mainly caused by the timing of the Company’s procurement of raw materials.

Further details will be available in the Form 12b-25. Additional information will also be included in the Form 10Q and accompanying press release for the third quarter 2011. Management fully expects to be able to file within the additional time allowed by the Form 12b-25.

Please note that the foregoing results are subject to change and adjustment in the Company’s Form 10-Q for the period ended September 30, 2011.

(PRNewswire, Edited by Topco)