Keyuan Petrochemicals (KEYP) Inactive 10-Q15 Nov 132013 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013	Nov. 14, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Keyuan Petrochemicals, Inc.	'
Entity Central Index Key	'0001326396	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	57,646,160

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Current assets:	'		'
Cash	$23,614		$23,378
Pledged bank deposits	353,131		201,252
Bills receivable	9,332		3,968
Accounts receivable	12,760		14,248
Inventories	64,632		48,634
Prepayments to suppliers	51,905		23,476
Consumption tax refund receivable	31,057		51,334
Advance Received from these parties (j)	1,113		'
Other current assets	60,000		56,320
Deferred income tax assets	2,142		2,801
Total current assets	609,686		425,451
Property, plant and equipment, net	262,249		227,603
Intangible assets, net	1,019		880
Land use rights	10,734		10,708
VAT recoverable	2,343		2,232
Total assets	886,031		666,874
Current Liabilities:	'		'
Short-term bank borrowings	416,131		295,146
Bills payable	273,886		102,650
Accounts payable	52,794		130,387
Advances from customers	33,597		24,405
Accrued expenses and other payables	15,809		26,833
Income tax payable	1,034		2,344
Dividends payable	2,382		2,382
Amounts due to related parties	'	[1]	479	[1]
Total liabilities, all current	795,633		584,626
Series B convertible preferred stock:Par value:$0.001; Authorized: 8000,000 shares issued and outstanding: 5,333,340 shares, liquidation preference $20,250	16,868		16,452
Commitments and contingencies	'		'
Stockholders equity:	'		'
Common stock:Par value: $0.001; Authorized: 100,000,000 shares Issued and outstanding: 57,464,160 shares as at September 30, 2013 and December 31, 2012	58		58
Additional paid-in capital	51,556		50,653
Statutory reserve	4,076		4,071
Accumulated other comprehensive income	9,660		7,491
Retained earnings	8,180		3,523
Total stockholders equity	73,530		65,796
Total liabilities and stockholders equity	$886,031		$666,874

[1]	Amounts due to related parties consist of the following.

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Balance Sheets [Abstract]	'	'
Series B convertible preferred stock, par value	$0.00	$0.00
Series B convertible preferred stock, shares authorized	8,000,000	8,000,000
Series B convertible preferred stock, share issued	5,333,340	5,333,340
Series B convertible preferred stock, shares outstanding	5,333,340	5,333,340
Series B convertible preferred stock, Liquidation preference value	$20,250	$20,250
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	57,464,160	57,464,160
Common stock, shares outstanding	57,464,160	57,464,160

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statements of Comprehensive Income (Loss) [Abstract]	'	'	'	'
Sales	$150,286	$164,347	$453,775	$532,098
Cost of sales	140,030	160,472	432,389	512,330
Gross profit	10,256	3,875	21,386	19,768
Selling expenses	466	251	869	892
General and administration expenses	3,397	2,127	8,988	7,394
Total operating expenses	3,863	2,378	9,857	8,286
Income from operations	6,393	1,497	11,529	11,482
Other income (expense):	'	'	'	'
Interest income	2,461	1,519	6,363	4,341
Interest expense	-4,481	-5,864	-14,601	-13,173
Foreign exchange gain (loss) , net	1,044	331	7,249	-33
Other (expense) income, net	-1,342	-5,439	-2,437	-5,656
Total other (expense) income, net	-2,318	-9,453	-3,426	-14,521
Income (loss) before income taxes	4,075	-7,956	8,103	-3,039
Income tax expense (benefit)	1,284	-1,018	2,891	991
Net Income (loss) attributable to Keyuan Petrochemicals Inc. stockholders	2,791	-6,938	5,212	-4,030
Dividends to Series B convertible preferred stockholders	548	'	548	'
Net Income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders	2,243	-6,938	4,664	-4,030
Net Income (loss) attributable to Keyuan Petrochemicals Inc. stockholders	2,791	-6,938	5,212	-4,030
Other comprehensive income:	'	'	'	'
Foreign currency translation adjustment	538	-827	2,170	-697
Comprehensive income (loss)	$3,329	($7,765)	$7,382	($4,727)
Earnings (loss) per share:	'	'	'	'
-Basic	$0.04	($0.12)	$0.08	($0.07)
-Diluted	$0.04	($0.12)	$0.08	($0.07)
Weighted average number of shares of common stock used in calculation:	'	'	'	'
-Basic	57,646,160	57,646,160	57,646,160	57,646,160
-Diluted	62,979,500	57,646,160	62,979,500	57,646,160

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income (loss)	$4,664	($4,030)
Adjustments to reconcile net income (loss) to net cash used in operating activities:	'	'
Depreciation	8,865	7,341
Amortization	85	80
Land use rights amortization	344	339
Deferred income tax	726	-467
Share-based compensation expense	871	1,206
Changes in operating assets and liabilities:	'	'
Bills receivable	-5,191	951
Accounts receivable	1,735	-181
Inventories	-14,496	-30,166
Prepayments to suppliers	-27,494	-13,211
Consumption tax refund receivable	21,397	18,882
Other current assets	-1,892	-6,491
Accounts payable	-48,482	-54,641
Account payable related parties	-1,537	-625
Advances from (to) customers	8,424	23,526
Income taxes payable	-1,356	57
Accrued expenses and other payables	-4,202	-2,134
Net cash used in operating activities	-56,991	-59,564
Cash flows from investing activities:	'	'
Purchase of property, plant and equipment	-44,765	-27,415
Net cash used in investing activities	-44,765	-27,415
Cash flow from financing activities:	'	'
Pledged bank deposits used for bank borrowings	-144,593	-43,821
Proceeds from short-term bank borrowings	860,430	663,720
Repayment of short-term bank borrowings	-780,146	-565,967
Proceeds from bank notes	340,186	172,787
Repayments of bank notes	-173,839	-129,313
Repayment of long term bank borrowings	'	-9,670
Net cash provided by financing activities	102,038	87,736
Effect of foreign currency exchange rate changes on cash	-46	-826
Net increase (decrease) in cash	236	-69
Cash at beginning of period	23,378	7,325
Cash at end of period	23,614	7,256
Supplemental disclosure of cash flow information:	'	'
Income tax paid	3,521	1,821
Interest paid, net of capitalized interest	15,497	9,265
Non cash investing and financing activities:	'	'
Payable for purchase of property, plant and equipment (net of VAT)	8,938	8,816
Related Party [Member]	'	'
Changes in operating assets and liabilities:	'	'
Accounts payable	($1,537)	($625)

Organization_and_Nature_of_Bus

Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans	9 Months Ended
	Sep. 30, 2013
Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans And Basis of Presentation [Abstract]	'
ORGANIZATION AND NATURE OF BUSINESS, RECENT EVENTS, AND GOING CONCERN AND MANAGEMENT'S PLANS	'
	1 ORGANIZATION AND NATURE OF BUSINESS, RECENT EVENTS, AND GOING CONCERN AND MANAGEMENT’S PLANS

	(a) Organization and Nature of business

	Keyuan Petrochemicals, Inc. (the “Company”) was incorporated in the State of Texas on May 4, 2004 in the former name of Silver Pearl Enterprises, Inc. The Company, through its wholly-owned subsidiary, Sinotech Group Limited, formerly Keyuan International Group Limited (“Keyuan International”) and its indirect subsidiaries, Keyuan Group Limited (“Keyuan HK”), Ningbo Keyuan Plastics Co., Ltd. (“Ningbo Keyuan”), Ningbo Keyuan Petrochemicals Co., Ltd. (“Ningbo Keyuan Petrochemicals”), Ningbo Keyuan Synthetic Rubbers Co., Ltd. (“Ningbo Keyuan Synthetic Rubbers”), and Guangxi Keyuan New Materials Co., Ltd. (“Guangxi Keyuan”) (collectively referred herein below as “the Group” ) are engaged in the manufacture and sale of petrochemical and rubber products in the People’s Republic of China (“PRC”).

	(b) Other Events

	In 2011, the Company’s former auditor, KPMG, LLP (“KPMG”), brought certain issues to the Company’s Audit Committee’s attention through a March 28, 2011 memorandum and an April 18, 2011 letter (collectively, the “KPMG Memoranda”). KPMG requested that the Company’s Audit Committee conduct an independent investigation (the “Independent Investigation”) into those issues. On March 31, 2011, the Audit Committee elected to commence such Independent Investigation and engaged the services of an independent counsel, Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”), which in turn engaged the services of Deloitte Financial Advisory Services LLP (“Deloitte”), as independent forensic accountants, and King& Wood, as Audit Committee counsel in the PRC. Pillsbury, Deloitte and King & Wood are collectively referred to herein as the “Investigation Team”. On September 28, 2011, the Independent Investigation was completed. The Independent Investigation identified possible violations of PRC laws and U.S. Securities laws, including the maintenance of an off-balance sheet cash account that was used primarily to pay service providers and other Company-related expenses. Total activity in the off-balance sheet cash account amounted to approximately $800,000 through December 31, 2010, with a net income statement effect of approximately $12,000, and $400,000 of activity in the off-balance sheet cash account for the period from January 1, 2011 to March 31, 2011, with a net income statement effect of approximately $192,000, at which time the Company ceased its use. The Independent Investigation identified certain other issues that could result in potential violations of PRC or U.S. laws.

	On October 7, 2011, trading of the Company’s common stock was delisted by NASDAQ, and is currently quoted on the Over-the- Counter Bulletin Board (symbol: KEYP).

	On March 1, 2013, the Company reached a settlement in a case filed by the United States Securities and Exchange Commission on February 28, 2013 in the United States District Court for the District of Columbia against the Company, alleging the Company violated Section 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Section 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934, and Rules 12b-20 and 13a-13. Without admitting or denying the allegation of the complaint, the Company paid a $1 million civil penalty and is permanently enjoined from violating certain securities laws. On July 2, 2013, final judgment was issued by the United District Court for the District of Columbia approving the settlement and the Company paid the penalty of $1 million on July 9, 2013.

	The Company, with its PRC legal counsel, evaluated the matters identified in the Independent Investigation to determine the extent to which the Company may be exposed to fines and penalties in China. The Company has concluded that the extent to which it may be exposed to fines and penalties in the PRC is limited, and to date, has not received any PRC governmental or regulatory communication or inquiry related to these matters. However, management is currently unable to determine the final outcome of these matters and their possible effects on the consolidated financial statements.

	(c) Going concern and management’s plans

	The consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company reported net income and cash flows used in operations of approximately $5.2 million and $57 million, respectively, for the nine months ended September 30, 2013 and a net loss and cash flows used in operations of approximately $4.03 million and $59.6 million, respectively, for the nine months ended September 30, 2012. At September 30, 2013 and December 31, 2012, the Company had a working capital deficit of approximately $186 million and $159 million, respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability or classification of assets, or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

	The Company continues to finance its operations primarily through short-term bank borrowings. Short-term bank borrowings and bills payable amounted to approximately $690 million at September 30, 2013. Management expects that short-term bank financing will continue to be available through at least September 30, 2014.

	The Company continues to benefit from favorable PRC tax policies related to consumption tax (Note 4) approximately $31.1 million of which was refundable at September 30, 2013. Approximately $8.6 million and $5.4 million was refunded in September and October 2013, respectively, and management expects that additional consumption tax deposits of approximately $8.15 million will be refunded in November 2013.

	The Company is expanding its production line to include Styrene-Ethylene-Butylene-Styrene (“SEBS”). Management expects production and sale of SEBS to commence in December 2013, and that SEBS will yield a higher gross margin than some of the Company’s current products.

	The Company is also exploring sources of additional financing, including short-term financing from its vendors and other parties. In addition, the Company is closely monitoring its cash balances, cash needs and expense levels.

	The ability of the Company to continue as a going concern is dependent upon management’s ability to implement its strategic plan, obtain additional capital and generate net income and positive cash flows from operations. There can be no assurance that these plans will be sufficient or that additional financing will be available in amounts or terms acceptable to the Company, if at all.

Basis_of_Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2013
Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans And Basis of Presentation [Abstract]	'
BASIS OF PRESENTATION	'
	2 BASIS OF PRESENTATION

	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the financial statements of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The financial statements have been prepared in accordance with U.S. GAAP applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These interim financial statements should be read in conjunction with the audited financial statements for the years ended December 31, 2012 and 2011, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computation as the audited financial statements for the years ended December 31, 2012 and 2011. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included.

	Change in Accounting Estimate:

	During January 2013, management performed an assessment of the useful lives of certain machinery and equipment. In evaluating the useful lives, management considered the historical life of the assets, operational strategy, and related functionality. Management concluded that machinery and equipment would remain in service longer than the depreciable life assigned. Effective February 1, 2013, the Group changed the time period over which it depreciates machinery and equipment to 20 years from 15 years. Management believes that this change more clearly and appropriately reflects the state of the machinery and equipment and thus, will more reasonably and accurately report the value of the machinery and equipment on the balance sheet. This change is being accounted for as a change in estimate. This change in estimate resulted in a reduction of depreciation expense of approximately $0.7 million and $1.8 million for the three and nine months ended September 30, 2013, respectively.

Inventories

Inventories	9 Months Ended
Inventories	Sep. 30, 2013
Inventories [Abstract]	'
INVENTORIES	'
	3 INVENTORIES

	Inventories consist of the following:

		30-Sep		December 31,
		2013		2012
		($’000)		($’000)
		(Unaudited)
	Raw materials	$	24,255	$	26,433
	Finished goods		38,790		21,701
	Work-in-process		1,587		500

	Total	$	64,632	$	48,634

Consumption_Tax_Refund_Receiva

Consumption Tax Refund Receivable	9 Months Ended
Consumption Tax Refund Receivable	Sep. 30, 2013
Consumption Tax Refund Receivable [Abstract]	'
CONSUMPTION TAX REFUND RECEIVABLE	'
	4 CONSUMPTION TAX REFUND RECEIVABLE

	The PRC government enacted a regulation that provides that domestically purchased heavy oil to be used for producing ethylene and aromatics products are exempt from consumption tax. In addition, the consumption tax paid for imported heavy oil is to be refunded if it is used for producing ethylene and aromatics products. Given all the Group’s purchased heavy oils are, or are to be, used for the production of ethylene and aromatics products, the Group recognizes a consumption tax refund receivable when the consumption tax has been paid and the relevant heavy oils have been used for production. At September 30, 2013 and December 31, 2012, the Group recorded an estimated consumption tax refund amounting to approximately $31.1 million and $51.3 million, respectively.

	Refunds of approximately $8.6 million and $5.4 million were received in September and October 2013, respectively, and a refund of $8.15 million is expected to be approved and received in November 2013.

Other_Current_Assets

Other Current Assets	9 Months Ended
	Sep. 30, 2013
Other Current Assets [Abstract]	'
OTHER CURRRENT ASSETS	'
	5 OTHER CURRENT ASSETS

	Other current assets consist of the following:

		September 30		December 31,
		2013		2012
		($’000)		$(’000)
		(Unaudited)
	VAT recoverable	$	49,468	$	31,751
	Customs deposits for imported inventories		5,777		21,648
	Other		4,755		2,921

		$	60,000	$	56,320

	Management estimates the deductible input VAT using vendor contracts, engineering and other estimates, as well as historical experience. Approximately $2.3 million and $2.2 million were included in non-current assets as of September 30, 2013 and December 31, 2012, respectively.

	Customs deposits for imported inventories represent amounts paid to the local customs office in connection with the import of raw materials inventories. Upon approval by the customs authorities, these amounts become refundable by the local tax authority and are reclassified as consumption tax refund receivable (Note 4).

ShortTerm_Bank_Borrowings

Short-Term Bank Borrowings	9 Months Ended
	Sep. 30, 2013
Short-Term Bank Borrowings [Abstract]	'
SHORT-TERM BANK BORROWINGS	'
	6 SHORT-TERM BANK BORROWINGS

	Short-term bank borrowings consist of the following:

		September 30,		December 31,
		2013		2012
		($’000)		($’000)
		(Unaudited)

	Bank borrowings-secured/guaranteed	$	416,131	$	295,146

	As of September 30, 2013, short−term bank borrowings carried a weighted average interest rate of 5.86% (2012: 6.21%) for bank loans in RMB; and a weighted average interest rate of 2.72% (2012: 3.97%) for bank loans in USD, and had maturity terms ranging from two to twelve months and interest rates ranging from 1.0% to 7.2% (2012: 1.37% to 7.93%).

	As of September 30, 2013, approximately $23 million included in short term bank borrowings was payable to Shanghai Pudong Development Bank, and was secured by a one-year fixed term deposit and pledged deposits with a carrying amount of $16 million. In addition, as of September 30, 2013, $77 million payable to Bank of China was secured by a one-year fixed term deposit with a carrying amount of $92 million; $54 million payable to China Construction Bank was secured by a one-year fixed term deposit with a carrying amount of $54 million; $3 million payable to Agricultural Bank of China was secured by a one-year fixed term deposit with a carrying amount of $3 million; $3 million payable to Bank of Shanghai was secured by a one-year fixed term deposit with a carrying amount of $3 million; $7 million payable to Bank of Communication was secured by a one-year fixed term deposit with a carrying amount of $7 million; and $5 million payable to Guangdong Development Bank was secured by a one-year fixed term deposit with a carrying amount of $5 million. Furthermore, $22 million payable to Pin An Bank was secured by a one-year fixed term deposit with a carrying amount of $23 million; $8 million payable to the Bank of Ningbo was secured by a one-year fixed term deposit with a carrying amount of $10 million; $19 million payable to China Merchant Bank was secured by a one-year fixed term deposit with a carrying amount of $19 million. Among the rest of the Group's short-term borrowing, as of September 30, 2013, $171 million was guaranteed by related party and third-party entities and individuals, and $24 million was secured by the Group’s land, buildings and equipment with a carrying amount of $92 million.

Series_B_and_Warrant_Extension

Series B and Warrant Extension	9 Months Ended
Series B and Warrant Extension	Sep. 30, 2013
Series B And Warrant Extension [Abstract]	'
Series B And Warrant Extension	'
	7 Series B and Warrant Extension

	The Company and Dragon State Limited (“Dragon State”), the sole holder of the Series B Convertible Preferred Stock and the majority holder of the Series C Warrants and Series D Warrants, entered into a Tolling Agreement, dated September 24, 2013 (the “Tolling Agreement”), Pursuant to the Tolling Agreement, all periods of limitation, repose and laches which are or may be applicable to any or all claims and remedies at contract, tort and statute, including but not limited to all claims arising out of the Securities Purchase Agreement dated September 28, 2010 and out of Dragon State’s purchase of the securities of Keyuan, whether described therein or not (collectively, “Tolled Claims”), that Dragon State has or may have against the Company and its Chairman of the Board and Chief Executive Officer, Mr. Tao, are tolled and suspended as of September 8, 2013 through and including September 28, 2014.

	Together with the Tolling Agreement, the Company and Dragon State International agreed to amend certain terms in the Certificate of Designations, Preferences and Rights of the Series B Convertible Preferred Stock, the Series C Warrants and the Series D Warrants (the “Amendments”), which were issued pursuant to the Securities Purchase Agreement dated September 28, 2010.

	Pursuant to the Amendments, i) the date of Maturity (a.k.a. the date of Mandatory Conversion) of Series B Convertible Preferred Stock was extended from September 28, 2013 to September 28, 2014; ii) the term of Series C Warrant was extended from three years to four years and expire on September 28, 2014; and iii) the term of Series D Warrant was extended from three years to four years and expire on September 28, 2014.

	The Company considered the fair value of the Series B Convertible Preferred Stock, the Series C Warrants and the Series D Warrants immediately before and after the Amendments and determined that the Amendments constitute modification of the Series B Convertible Preferred Stock, the Series C Warrants and the Series D Warrants, resulting in the transfer of value from the Company’s common shareholders to the Series B Preferred shareholders. The estimated fair value of the value transferred is approximately $548,000 and is reflected as a deemed dividend in the Statement of Comprehensive Income for the three and nine months ended September 30, 2013.

	The fair value was estimated as of September 24, 2013 (date of modification) using the Black Scholes option-pricing model utilizing the following assumptions: stock price of $0.70 per share; no dividends; a risk free rate of 0.1%, which equals the one -year yield on Treasury bonds at constant (or fixed); and volatility of 126.36%.

ShareBased_Payments

Share-Based Payments	9 Months Ended
Share-Based Payments	Sep. 30, 2013
Share-Based Payments [Abstract]	'
SHARE-BASED PAYMENTS	'
	8 SHARE-BASED PAYMENTS

	(a) Employee stock option grants

	The Board of Directors has approved the Company’s 2010 Equity Incentive Plan (the “Plan”). The maximum number of shares of common stock of the Company issuable pursuant to the Plan is 6,000,000 shares. The Plan shall be administered by the Board; provided however, that the Board may delegate such administration to a Plan Committee (the “Committee”).

	Subject to the provisions of the Plan, the Board and/or the Committee shall have authority to determine the type or types of awards to be granted to each participant under the Plan. The exercise price of options to purchase shares of the Company’s common stock granted under the Plan shall be determined by the Board or the Committee, provided, however that the exercise price of any incentive stock option shall not be less than 100% of the fair market value of a share on the date of grant. The term of each option shall be fixed by the Board or the Committee, provided that no incentive stock option shall have a term greater than 10 years.

	On January 1, 2013, the following stock options were outstanding:

	(i) 3,000,000 stock options to certain senior management employees with a contractual term of 5 years. The exercise price of these stock options is $4.20 per share and the grant-date fair value of these stock options amounted to approximately $3.3 million. A total of 2,810,000 stock options vest over three years as follows: 30% shall vest and become exercisable one year after grant date, 40% shall vest and become exercisable two years after grant date, and 30% shall vest and become exercisable three years after grant date. For the remaining 190,000 stock options: 40% shall vest and become exercisable one year after grant date and 60% shall vest and become exercisable two years after grant date.

	(ii) 80,000 stock options to two independent directors with contractual terms of 5 years. The exercise price of these stock options is $4.20 per share and the grant-date fair value of these stock options amounted to approximately $0.1 million. A total of 40,000 options shall vest and become exercisable one year after the grant date and the remaining 40,000 options shall vest and become exercisable two years after the grant date, provided that the independent directors are re-elected for successive one year terms one year after the stock options issuance date.

	(iii) 700,000 stock options to employees with a contractual term of 5 years. The exercise price of these stock options was $4.50 per share and the grant-date fair value of these stock options amounted to approximately $1.3 million. These stock options vest over three years as follows: 30% shall vest and become exercisable one year after the grant date, 40% shall vest and become exercisable two years after the grant date and 30% shall vest and become exercisable three years after the grant date. 600,000 of these stock options were cancelled. As compensation for such cancellation, the Company committed to pay these employees incremental cash payments during the period through August 2013. The fair value of the committed cash payment at the date of commitment was approximately $0.4 million and no incremental compensation cost resulted from the cancellation of these stock options. Included in accrued expenses and other payables are approximately $0.1 million and $0.3 million representing the liability related to the committed cash payment as of September 30, 2013 and December 31, 2012, respectively.

	There were no share options granted during the nine months ended September 30, 2013.

	There is no unrecognized compensation cost related to employee stock options as of September 30, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2013
Commitments Contingencies [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	9 COMMITMENTS AND CONTINGENCIES

	(a) Contingencies

	In connection with the shipping of finished products, inaccurate product information was previously provided to the PRC Port authority. In addition, through March 31, 2011, Ningbo Keyuan failed to withhold income tax of approximately $50,000 from payments to certain external service providers and employees. In consultation with PRC legal counsel, management has evaluated the contingencies associated with the provision of inaccurate information and expects that the penalty, if any, will not be significant and will not have a material impact on the consolidated financial statements.

	In addition, the Group had outstanding Letter’s of Credit as of September 30, 2013 of approximately $174 million.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2013
Income Taxes [Abstract]	'
INCOME TAXES	'
	10 INCOME TAXES

	The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Company’s effective income tax rate for the three months and nine months ended September 30, 2013 was approximately 32% and 36%.

	The Company’s actual income tax rate for the nine months ended September 30, 2013 was approximately 36%. The Company paid income taxes of approximately $0.4 million and $3.5 million, respectively, during the three months and nine months ended September 30, 2013.

Earning_Loss_Per_Share

Earning (Loss) Per Share	9 Months Ended
Earning (Loss) Per Share	Sep. 30, 2013
Earning (Loss) Per Share [Abstract]	'
EARNING (LOSS) PER SHARE	'
	11 EARNING (LOSS) PER SHARE

	The following table sets forth the computation of diluted earnings per share:

		Three months ended					Nine months ended
		30-Sep					30-Sep
		2013		2012			2013		2012
		$(’000)		$(’000)			$(’000)		$(’000)
		(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
	Basic earnings per share:
	Net income (loss) attributable to Keyuan
	Petrochemicals, Inc. common stockholders	$	2,243	$	(6,938	)	$	4,664	$	(4,030	)
	Fixed dividends to Series B convertible
	Preferred stockholders		548		-			548		-

	Net income (loss) contributable to Keyuan
	Petrochemicals Inc. stockholders	$	2,791	$	(6,938	)	$	5,212	$	(4,030	)

	Weighted average common share
	(Denominator for basic income per share)		57,646,160		57,646,160			57,646,160		57,646,160

	Effect of diluted securities:
	-Series B convertible preferred stock		5,333,340		-			5,333,340		-
			62,979,500		57,646,160			62,979,500		57,646,160
	Basic net income (loss) per share:	$	0.04	$	(0.12	)	$	0.08	$	(0.07	)
	Diluted net income (loss) per share:	$	0.04	$	(0.12	)	$	0.08	$	(0.07	)

	The following table represents the warrants and options excluded from the calculation of diluted earnings per share:

		September 30,		September 30,
		2013		2012

	Warrants		4,396,118		4,396,118
	Options		3,490,000		3,490,000

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2013
Fair Value Measurements [Abstract]	'
FAIR VALUE MEASUREMENTS	'
	12 FAIR VALUE MEASUREMENTS

	The Company did not have any assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 and 2012.

	The fair values of cash, pledged bank deposits, bills receivable, accounts receivable, short-term bank borrowings, bills payable, and accounts payable approximate their respective carrying amounts due to their short-term nature. Amounts due to related parties are not practicable to estimate due to the related party nature of the underlying transactions.

Significant_Concentrations_and

Significant Concentrations and Risks	9 Months Ended
	Sep. 30, 2013
Significant Concentrations and Risks [Abstract]	'
SIGNIFICANT CONCENTRATIONS AND RISKS	'
	13 SIGNIFICANT CONCENTRATIONS AND RISKS

	At September 30, 2013 and December 31, 2012, the Group held cash and pledged bank deposits in financial institutions of approximately $377 million and $225 million, respectively. They were primarily held in major financial institutions located in mainland China and the Hong Kong Special Administrative Region, which management believes have high credit ratings.

	During the three and nine months ended September 30, 2013, no sales to individual customers exceeded 10% of the Group’s total net revenues. Sales which individually exceeded 10% of the Group’s total net revenue for the three and nine months ended September 30, 2012, were as follows:

	Three months ended September 30, 2012
	Largest	Amount of		% Total
	Customers	Sales		Sales
		($’000)		($’000)
		(Unaudited)		(Unaudited)
	Customer A	$	25,074		15	%
	Customer B	$	19,206		12	%

	Nine months ended September 30, 2012
	Largest	Amount of		% Total
	Customers	Sales		Sales
		($’000)		($’000)
		(Unaudited)		(Unaudited)
	Customer A	$	77,871		15	%

	Customer A is Ningbo Kunde Petrochemical Co. ltd. (Note 14(B)).

	The Group currently buys a majority of its heavy oil, an important component of its products, from three suppliers, all of whom are unrelated third parties. Although there are a limited number of suppliers of the particular heavy oil used in production, management believes that other suppliers could provide similar heavy oil on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would affect operating results adversely. Purchases (net of VAT) from the largest three suppliers for the three months ended September 30, 2013 and 2012 were approximately $102 million and $117 million, respectively. These purchases both represented 77% of all of the Group’s purchases for each of the three months ended September 30, 2013 and 2012. Purchases (net of VAT) from the largest three suppliers for the nine months ended September 30, 2013 and 2012 were $349 million and $373 million, respectively. These purchases represented 79% and 76%, respectively, of all of the Group’s purchases for the nine months ended September 30, 2013 and 2012. The Group’s largest supplier accounted for approximately $81 million and $87 million, or 61% and 58% of total purchases for the three months ended September 30, 2013 and 2012, respectively. The Group’s largest supplier accounted for approximately $270 million and $325 million, or 61% and 66% of total purchases for the nine months ended September 30, 2013 and 2012, respectively.

	The Group commenced trading of heavy oil in April 2013. For the three months ended September 30, 2013, the trading of heavy oil consists of purchases of approximately $142.3 million, and sales of approximately $141.7 million, resulting in a trading loss of $0.6 million which is recorded in other income/expense. For the nine months ended September 30, 2013, trading of heavy oil consists of purchases of approximately $282 million, and sales of approximately $281 million, resulting in a trading loss of $1 million.

	In addition, the Group had short-term financings from its largest supplier from June to December 2012, which was fully repaid in May 2013. Management is not currently aware of any terms of letters of credit with banks which may be violated as a result of the supplier providing us with short-term financings.
	The Group’s operations are carried out in the PRC. Accordingly, the Group’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC’s economy. The business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittances abroad, and rates and methods of taxation, among other things.

Related_Party_Transactions_and

Related Party Transactions and Relationships and Transactions With Certain Other Parties	9 Months Ended
	Sep. 30, 2013
Related Party Transactions and Relationships and Transactions With Certain Other Parties [Abstract]	'
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS AND TRANSACTIONS WITH CERTAIN OTHER PARTIES	'
	14 RELATED PARTY TRANSACTIONS AND RELATIONSHIPS AND TRANSACTIONS WITH CERTAIN OTHER PARTIES

	(A) Related Party Transactions

	The Company considers all transactions with the following parties to be related party transactions.

	Name of parties		Relationship
	Mr. Chunfeng Tao		Majority stockholder

	Mr. Jicun Wang		Principal stockholder

	Mr. Peijun Chen		Principal stockholder

	Ms. Sumei Chen		Member of the Company’s Board of
	Ms. Sumei Chen		Supervisors and spouse of Mr. Wang

	Ms. Yushui Huang		Vice President of Administration,
	Ms. Yushui Huang		Ningbo Keyuan

	Ningbo Pacific Ocean Shipping Co., Ltd		100% ownership by Mr. Wang
	(Ningbo Pacific)		100% ownership by Mr. Wang

	Ningbo Xinhe Logistic Co., Ltd		10% ownership by Ms. Huang
	(Ningbo Xinhe)		10% ownership by Ms. Huang

	Ningbo Hengfa Metal Product Co., Ltd		100% ownership by Mr. Chen
	(Ningbo Hengfa, former name “Ningbo Tenglong”)		100% ownership by Mr. Chen

	Ningbo Kunde Petrochemical Co, Ltd.		Mr. Tao’s mother was a 65% nominee shareholder for Mr. Miao Hu, a third party through September 2011
	(Ningbo Kunde)

	Related party transactions and amounts outstanding with the related parties as of and for the three and nine months ended September 30, 2013 and 2012, are summarized as follows:

			Three months ended						Nine months ended
			30-Sep						30-Sep
			2013			2012			2013			2012
			($’000)			($’000)			($’000)			($’000)
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Purchase of transportation services (a)		$	-		$	1,011		$	1,045		$	2,675
	Guarantee for bank borrowings (b)		$	-		$	34,399		$	-		$	34,399
	Loan guarantee fee (b)		$	43		$	103		$	85		$	307

			30-Sep-13			31-Dec-12
			($’000)				($’000)
			(Unaudited)
	Amounts due from related parties (c)		$	1,113		$	40
	Amounts due to related parties(d)		$	-		$	479

	(a)	The Group purchased transportation services of $nil and approximately $1.0 million from Ningbo Xinhe during the three months ended September 30, 2013 and 2012, respectively. The Group purchased transportation services of approximately $1.1 million and $2.7 million from Ningbo Xinhe during the nine months ended September 30, 2013 and 2012, respectively.

	(b)	Guarantees for Bank Loans

	Guarantees for bank loans provided by related parties during the three and nine months ended September 30, 2013 and 2012 are as follows:

			Guarantee provided during the three						Guarantee provided during the nine
			months ended September 30,						months ended September 30,
			2013			2012			2013			2012
			($’000)			($’000)			($’000)			($’000)
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	Mr. Tao		$	-		$	16,645		$	-		$	16,645
	Jicun Wang and Sumei Chen			-			17,754			-			17,754
	Ningbo Pacific			-			-			-			-
	Total		$	-		$	34,399		$	-		$	34,399

		Bank loans Guaranteed as of
		September 30,			December 31,
		2013			2012
		($’000)			($’000)
		(Unaudited)
Jicun Wang and Sumei Chen		$	-		$	13,054
Ningbo Pacific			28,927			25,426
Total		$	28,927		$	38,480

Beginning in 2011, loan guarantee fees of 0.3% of the loan principal guaranteed are to be paid quarterly. Loan guarantee fees to Ningbo Pacific were $0.04 million and $0.09 million for the three and nine months ended September 30, 2013, respectively. Loan guarantee fees to Ningbo Hengfa and Ningbo Pacific were $0.03 million and $0.07 million, respectively, and $0.1 million and $0.21 million, respectively, for the three and nine months ended September 30, 2012.

(c) Amounts due from related parties consist of the following.

		30-Sep-13			31-Dec-12
		($’000)
		(Unaudited)
Mr. Chunfeng Tao		$	49		$	40
Ningbo Xinhe (prepaid transportation expenses)			1,064
Total		$	1,113		$	40

(d) Amounts due to related parties consist of the following.

		30-Sep-13			31-Dec-12
		($’000)			($’000)
		(Unaudited)
Ningbo Xinhe		$	-		$	479

(B) Relationships and transactions with certain other parties
The Group has following relationships and transactions with certain other parties:

Name of parties		Relationship
Ningbo Litong Petrochemical Co., Ltd		Former 12.75% nominee shareholder of Ningbo
(Ningbo Litong)		Keyuan

Ningbo Anqi Petrochemical Co., Ltd		A related party through September 2011
(Ningbo Anqi)		when control transferred

Ningbo Kewei Investment Co., Ltd.		A related party through September 2011
(Ningbo Kewei)		when control transferred

Ningbo Kunde Petrochemical Co, Ltd.		A related party through September 2011
(Ningbo Kunde)		when control transferred

Transactions and amounts outstanding with these parties for the three months ended September 30, 2013 and 2012 were summarized as follows:

		Three months ended						Nine months ended
		30-Sep						30-Sep
		2013			2012			2013			2012
		($’000)			($’000)			($’000)			($’000)
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Sales of products (e)		$	8,982		$	25,074		$	59,324		$	95,033
Purchase of raw materials (f)		$	10,118		$	17,183		$	44,968		$	39,522
Guarantee for bank borrowings (g)		$	65,526		$	51,043		$	159,511		$	212,615
Loan guarantee fees (g)		$	643		$	374		$	1,728		$	1,116

		30-Sep-13			31-Dec-12
		($’000)			($’000)
		(Unaudited)
Amounts due from these parties(h)		$	8,061		$	28,028
Advance payments to these parties (i)		$	26,866		$	-
Advance Received from these parties (j)		$	32		$	-

(e) For the three months ended September 30, 2013, the Group sold finished products of approximately $5.1 million and $3.9 million to Litong and Kunde, respectively. For the three months ended September 30, 2012, the Group sold finished products of approximately $25 million to Kunde. For the nine months ended September 30, 2013, the Group sold finished products of approximately $17.1 million, $42 million and $0.2 million to Litong, Kunde and Kewei, respectively. For the nine months ended September 30, 2012, the Group sold finished products of approximately $17 million and $78 million to Litong and Kunde, respectively.

(f) During the three months ended September 30, 2013, the Group purchased raw materials of approximately $0.01 million and $10 million from Kunde and Kewei, respectively. During the three months ended September 30, 2012, the Group purchased raw material of $16.9 million and $0.3 million from Ningbo Litong and Ningbo Kunde, respectively. During the nine months ended September 30, 2013, the Group purchased raw materials of approximately $2.7 million and $42.3 million from Kunde and Kewei, respectively. During the nine months ended September 30, 2012, the Group purchased raw materials of approximately $26 million and $13 million from Ningbo Litong and Ningbo Kunde, respectively.

(g) Guarantees for Bank Loans

		Guarantee provided during the three						Guarantee provided during the nine
		months ended September 30,						months ended September 30,
		2013			2012			2013			2012
		($’000)			($’000)			($’000)			($’000)
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Ningbo Litong		$	54,768		$	16,645		$	116,696		$	67,252
Ningbo Kewei			10,758			34,399			42,815			145,363
Total		$	65,526		$	51,044		$	159,511		$	212,615

		Bank loans Guaranteed as of
		September 30,			December 31,
		2013			2012
		($’000)			($’000)
		(Unaudited)
Ningbo Litong		$	90,183		$	30,710
Ningbo Kewei			91,634			122,651
Total		$	181,817		$	153,361

Beginning in January 2011, loan guarantee fees of approximately 0.3% of the loan principal guaranteed after January 2011 are to be paid quarterly. Guarantee fees paid to Litong and Kewei were approximately $0.31 million and $0.33 million, respectively, for the three months ended September 30, 2013. In the three months ended September 30, 2012, loan guarantee fees were $0.19 million and $0.19 million to Ningbo Litong and Ningbo Kewei, respectively. Guarantee fees paid to Ningbo Litong and Ningbo Kewei were approximately $0.78 million and $0.95 million, respectively, for the nine months ended September 30, 2013. In the nine months ended September 30, 2012, loan guarantee fees were $0.56 million and $0.55 million, respectively, for Ningbo Litong and Ningbo Kewei.

(h) At September 30, 2013, amounts due from certain other parties consist of amounts due from Litong and Kunde of $4.2 million and $3.9 million, respectively.

(i) At September 30, 2013, advance payments to these parties consist of payments to Litong and Kewei of $7.6 million, and $19.3 million, respectively.

(j) At September 30, 2013, advances received from these parties consist of amounts received from Kewei of $0.03 million.

Consolidated_Segment_Data

Consolidated Segment Data	9 Months Ended
Consolidated Segment Data	Sep. 30, 2013
Consolidated Segment Data [Abstract]	'
CONSOLIDATED SEGMENT DATA	'
	15 CONSOLIDATED SEGMENT DATA

	Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. The segment data presented reflects this segment structure. The Company reports financial and operating information in the following two segments:

	(a) Petrochemicals Segment: Manufacturing and sales of mixed light aromatics, mixed heavy aromatics, fine propylene, propane, butane, liquefied petroleum gas (LPG), methyl tert-butyl ether, styrene, etc.

	(b) Rubber Segment: Manufacturing and sales of various rubber products.

	Beginning October 2012, the Company had two operating segment, the Petrochemicals Segment and Rubber Segment. The segment information in the following tables reflects the establishment of the Rubber Segment for the three and nine months ended September 30, 2013.

		Three months ended September 30, 2013
		Petrochemical		Rubber		Total
		($’000)		($’000)		($’000)
		(Unaudited)		(Unaudited)		(Unaudited)
	Revenue	$	128,542	$	21,744	$	150,286
	Income from operations	$	5,467		926	$	6,393
	Total assets	$	777,449	$	108,582	$	886,031

		Nine months ended September 30, 2013
		Petrochemical		Rubber		Total
		($'000)		($'000)		($'000)
		(Unaudited)		(Unaudited)		(Unaudited)
	Revenue	$	388,301	$	65,474	$	453,775
	Income from operations	$	3,011	$	8,518	$	11,529
	Total assets	$	777,449	$	108,582	$	886,031

Inventories_Tables

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 30, 2013
Inventories [Abstract]	'
Schedule of Inventory	'

		30-Sep		December 31,
		2013		2012
		($’000)		($’000)
		(Unaudited)
	Raw materials	$	24,255	$	26,433
	Finished goods		38,790		21,701
	Work-in-process		1,587		500

	Total	$	64,632	$	48,634

Other_Current_Assets_Tables

Other Current Assets (Tables)	9 Months Ended
Other Current Assets (Tables)	Sep. 30, 2013
Other Current Assets [Abstract]	'
Summary of other current assets	'
		September 30		December 31,
		2013		2012
		($’000)		$(’000)
		(Unaudited)
	VAT recoverable	$	49,468	$	31,751
	Customs deposits for imported inventories		5,777		21,648
	Other		4,755		2,921

		$	60,000	$	56,320

ShortTerm_Bank_Borrowings_Tabl

Short-Term Bank Borrowings (Tables)	9 Months Ended
	Sep. 30, 2013
Short-Term Bank Borrowings [Abstract]	'
Summary of short-term bank borrowings	'
		September 30,			December 31,
		2013			2012
			($’000)			($’000)
			(Unaudited)

	Bank borrowings-secured/guaranteed		$	416,131		$	295,146

Earning_Loss_Per_Share_Tables

Earning (Loss) Per Share (Tables)	9 Months Ended
Earning (Loss) Per Share (Tables)	Sep. 30, 2013
Earning (Loss) Per Share [Abstract]	'
Computation of basic net income per share:	'

		Three months ended					Nine months ended
		30-Sep					30-Sep
		2013		2012			2013		2012
		$(’000)		$(’000)			$(’000)		$(’000)
		(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
	Basic earnings per share:
	Net income (loss) attributable to Keyuan
	Petrochemicals, Inc. common stockholders	$	2,243	$	(6,938	)	$	4,664	$	(4,030	)
	Fixed dividends to Series B convertible
	Preferred stockholders		548		-			548		-

	Net income (loss) contributable to Keyuan
	Petrochemicals Inc. stockholders	$	2,791	$	(6,938	)	$	5,212	$	(4,030	)

	Weighted average common share
	(Denominator for basic income per share)		57,646,160		57,646,160			57,646,160		57,646,160

	Effect of diluted securities:
	-Series B convertible preferred stock		5,333,340		-			5,333,340		-
			62,979,500		57,646,160			62,979,500		57,646,160
	Basic net income (loss) per share:	$	0.04	$	(0.12	)	$	0.08	$	(0.07	)
	Diluted net income (loss) per share:	$	0.04	$	(0.12	)	$	0.08	$	(0.07	)
Summary of warrants and options excluded from the calculation of diluted earnings per share:	'

		September 30,		September 30,
		2013		2012

	Warrants		4,396,118		4,396,118
	Options		3,490,000		3,490,000

Significant_Concentrations_and1

Significant Concentrations and Risks (Tables)	9 Months Ended
	Sep. 30, 2013
Significant Concentrations and Risks [Abstract]	'
Sales to the major customers as contributed to Group's total annual net revenue	'
	Three months ended September 30, 2012
	Largest	Amount of		% Total
	Customers	Sales		Sales
		($’000)		($’000)
		(Unaudited)		(Unaudited)
	Customer A	$	25,074		15	%
	Customer B	$	19,206		12	%

	Nine months ended September 30, 2012
	Largest	Amount of		% Total
	Customers	Sales		Sales
		($’000)		($’000)
		(Unaudited)		(Unaudited)
	Customer A	$	77,871		15	%

Related_Party_Transactions_and1

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions and Relationships and Transactions With Certain Other Parties [Abstract]	'
Related party transactions, Relationships	'

	Name of parties		Relationship
	Mr. Chunfeng Tao		Majority stockholder

	Mr. Jicun Wang		Principal stockholder

	Mr. Peijun Chen		Principal stockholder

	Ms. Sumei Chen		Member of the Company’s Board of
	Ms. Sumei Chen		Supervisors and spouse of Mr. Wang

	Ms. Yushui Huang		Vice President of Administration,
	Ms. Yushui Huang		Ningbo Keyuan

	Ningbo Pacific Ocean Shipping Co., Ltd		100% ownership by Mr. Wang
	(Ningbo Pacific)		100% ownership by Mr. Wang

	Ningbo Xinhe Logistic Co., Ltd		10% ownership by Ms. Huang
	(Ningbo Xinhe)		10% ownership by Ms. Huang

	Ningbo Hengfa Metal Product Co., Ltd		100% ownership by Mr. Chen
	(Ningbo Hengfa, former name “Ningbo Tenglong”)		100% ownership by Mr. Chen

	Ningbo Kunde Petrochemical Co, Ltd.		Mr. Tao’s mother was a 65% nominee shareholder for Mr. Miao Hu, a third party through September 2011
	(Ningbo Kunde)
Related party transactions and amounts outstanding with the related parties	'
			Three months ended				Nine months ended
			30-Sep				30-Sep
			2013		2012		2013		2012
			($’000)		($’000)		($’000)		($’000)
			(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	Purchase of transportation services (a)		$	-	$	1,011	$	1,045	$	2,675
	Guarantee for bank borrowings (b)		$	-	$	34,399	$	-	$	34,399
	Loan guarantee fee (b)		$	43	$	103	$	85	$	307

			30-Sep-13		31-Dec-12
			($’000)			($’000)
			(Unaudited)
	Amounts due from related parties (c)		$	1,113	$	40
	Amounts due to related parties(d)		$	-	$	479

	(a)	The Group purchased transportation services of $nil and approximately $1.0 million from Ningbo Xinhe during the three months ended September 30, 2013 and 2012, respectively. The Group purchased transportation services of approximately $1.1 million and $2.7 million from Ningbo Xinhe during the nine months ended September 30, 2013 and 2012, respectively.

	(b)	Guarantees for Bank Loans

	Guarantees for bank loans provided by related parties during the three and nine months ended September 30, 2013 and 2012 are as follows:

			Guarantee provided during the three				Guarantee provided during the nine
			months ended September 30,				months ended September 30,
			2013		2012		2013		2012
			($’000)		($’000)		($’000)		($’000)
			(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	Mr. Tao		$	-	$	16,645	$	-	$	16,645
	Jicun Wang and Sumei Chen			-		17,754		-		17,754
	Ningbo Pacific			-		-		-		-
	Total		$	-	$	34,399	$	-	$	34,399

			Bank loans Guaranteed as of
			September 30,		December 31,
			2013		2012
			($’000)		($’000)
			(Unaudited)
	Jicun Wang and Sumei Chen		$	-	$	13,054
	Ningbo Pacific			28,927		25,426
	Total		$	28,927	$	38,480

	Beginning in 2011, loan guarantee fees of 0.3% of the loan principal guaranteed are to be paid quarterly. Loan guarantee fees to Ningbo Pacific were $0.04 million and $0.09 million for the three and nine months ended September 30, 2013, respectively. Loan guarantee fees to Ningbo Hengfa and Ningbo Pacific were $0.03 million and $0.07 million, respectively, and $0.1 million and $0.21 million, respectively, for the three and nine months ended September 30, 2012.

	(c) Amounts due from related parties consist of the following.

			30-Sep-13		31-Dec-12
			($’000)
			(Unaudited)
	Mr. Chunfeng Tao		$	49	$	40
	Ningbo Xinhe (prepaid transportation expenses)			1,064
	Total		$	1,113	$	40

	(d) Amounts due to related parties consist of the following.

			30-Sep-13		31-Dec-12
			($’000)		($’000)
			(Unaudited)
	Ningbo Xinhe		$	-	$	479

Guarantees for bank loans	'

			Guarantee provided during the three				Guarantee provided during the nine
			months ended September 30,				months ended September 30,
			2013		2012		2013		2012
			($’000)		($’000)		($’000)		($’000)
			(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	Mr. Tao		$	-	$	16,645	$	-	$	16,645
	Jicun Wang and Sumei Chen			-		17,754		-		17,754
	Ningbo Pacific			-		-		-		-
	Total		$	-	$	34,399	$	-	$	34,399

			Bank loans Guaranteed as of
			September 30,		December 31,
			2013		2012
			($’000)		($’000)
			(Unaudited)
	Jicun Wang and Sumei Chen		$	-	$	13,054
	Ningbo Pacific			28,927		25,426
	Total		$	28,927	$	38,480
Amounts due from related parties	'

			30-Sep-13		31-Dec-12
			($’000)
			(Unaudited)
	Mr. Chunfeng Tao		$	49	$	40
	Ningbo Xinhe (prepaid transportation expenses)			1,064
	Total		$	1,113	$	40
Amount due to related parties	'

			30-Sep-13		31-Dec-12
			($’000)		($’000)
			(Unaudited)
	Ningbo Xinhe		$	-	$	479

Relationships and transactions with certain other parties	'

	Name of parties		Relationship
	Ningbo Litong Petrochemical Co., Ltd		Former 12.75% nominee shareholder of Ningbo
	(Ningbo Litong)		Keyuan

	Ningbo Anqi Petrochemical Co., Ltd		A related party through September 2011
	(Ningbo Anqi)		when control transferred

	Ningbo Kewei Investment Co., Ltd.		A related party through September 2011
	(Ningbo Kewei)		when control transferred

	Ningbo Kunde Petrochemical Co, Ltd.		A related party through September 2011
	(Ningbo Kunde)		when control transferred
Transactions and amounts outstanding with certain other parties	'
			Three months ended				Nine months ended
			30-Sep				30-Sep
			2013		2012		2013		2012
			($’000)		($’000)		($’000)		($’000)
			(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	Sales of products (e)		$	8,982	$	25,074	$	59,324	$	95,033
	Purchase of raw materials (f)		$	10,118	$	17,183	$	44,968	$	39,522
	Guarantee for bank borrowings (g)		$	65,526	$	51,043	$	159,511	$	212,615
	Loan guarantee fees (g)		$	643	$	374	$	1,728	$	1,116

			30-Sep-13		31-Dec-12
			($’000)		($’000)
			(Unaudited)
	Amounts due from these parties(h)		$	8,061	$	28,028
	Advance payments to these parties (i)		$	26,866	$	-
	Advance Received from these parties (j)		$	32	$	-

	(e) For the three months ended September 30, 2013, the Group sold finished products of approximately $5.1 million and $3.9 million to Litong and Kunde, respectively. For the three months ended September 30, 2012, the Group sold finished products of approximately $25 million to Kunde. For the nine months ended September 30, 2013, the Group sold finished products of approximately $17.1 million, $42 million and $0.2 million to Litong, Kunde and Kewei, respectively. For the nine months ended September 30, 2012, the Group sold finished products of approximately $17 million and $78 million to Litong and Kunde, respectively.

	(f) During the three months ended September 30, 2013, the Group purchased raw materials of approximately $0.01 million and $10 million from Kunde and Kewei, respectively. During the three months ended September 30, 2012, the Group purchased raw material of $16.9 million and $0.3 million from Ningbo Litong and Ningbo Kunde, respectively. During the nine months ended September 30, 2013, the Group purchased raw materials of approximately $2.7 million and $42.3 million from Kunde and Kewei, respectively. During the nine months ended September 30, 2012, the Group purchased raw materials of approximately $26 million and $13 million from Ningbo Litong and Ningbo Kunde, respectively.

	(g) Guarantees for Bank Loans

			Guarantee provided during the three				Guarantee provided during the nine
			months ended September 30,				months ended September 30,
			2013		2012		2013		2012
			($’000)		($’000)		($’000)		($’000)
			(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	Ningbo Litong		$	54,768	$	16,645	$	116,696	$	67,252
	Ningbo Kewei			10,758		34,399		42,815		145,363
	Total		$	65,526	$	51,044	$	159,511	$	212,615

			Bank loans Guaranteed as of
			September 30,		December 31,
			2013		2012
			($’000)		($’000)
			(Unaudited)
	Ningbo Litong		$	90,183	$	30,710
	Ningbo Kewei			91,634		122,651
	Total		$	181,817	$	153,361

	Beginning in January 2011, loan guarantee fees of approximately 0.3% of the loan principal guaranteed after January 2011 are to be paid quarterly. Guarantee fees paid to Litong and Kewei were approximately $0.31 million and $0.33 million, respectively, for the three months ended September 30, 2013. In the three months ended September 30, 2012, loan guarantee fees were $0.19 million and $0.19 million to Ningbo Litong and Ningbo Kewei, respectively. Guarantee fees paid to Ningbo Litong and Ningbo Kewei were approximately $0.78 million and $0.95 million, respectively, for the nine months ended September 30, 2013. In the nine months ended September 30, 2012, loan guarantee fees were $0.56 million and $0.55 million, respectively, for Ningbo Litong and Ningbo Kewei.

	(h) At September 30, 2013, amounts due from certain other parties consist of amounts due from Litong and Kunde of $4.2 million and $3.9 million, respectively.

	(i) At September 30, 2013, advance payments to these parties consist of payments to Litong and Kewei of $7.6 million, and $19.3 million, respectively.

	(j) At September 30, 2013, advances received from these parties consist of amounts received from Kewei of $0.03 million.

Consolidated_Segment_Data_Tabl

Consolidated Segment Data (Tables)	9 Months Ended
Consolidated Segment Data (Tables)	Sep. 30, 2013
Consolidated Segment Data [Abstract]	'
Summary of selected information in segment structure presented in following tables	'
		Three months ended September 30, 2013
		Petrochemical		Rubber		Total
		($’000)		($’000)		($’000)
		(Unaudited)		(Unaudited)		(Unaudited)
	Revenue	$	128,542	$	21,744	$	150,286
	Income from operations	$	5,467		926	$	6,393
	Total assets	$	777,449	$	108,582	$	886,031

		Nine months ended September 30, 2013
		Petrochemical		Rubber		Total
		($'000)		($'000)		($'000)
		(Unaudited)		(Unaudited)		(Unaudited)
	Revenue	$	388,301	$	65,474	$	453,775
	Income from operations	$	3,011	$	8,518	$	11,529
	Total assets	$	777,449	$	108,582	$	886,031

Organization_and_Nature_of_Bus1

Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Details) (USD $)	0 Months Ended			1 Months Ended	3 Months Ended			9 Months Ended
	Oct. 30, 2013	Sep. 30, 2013	Mar. 01, 2013	Dec. 31, 2010	Sep. 30, 2013	Sep. 30, 2012	Mar. 31, 2011	Sep. 30, 2013	Sep. 30, 2012	Nov. 30, 2013	Dec. 31, 2012
Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Textual)	'	'	'	'	'	'	'	'	'	'	'
Amount of off-balance sheet cash	'	'	'	$800,000,000	'	'	$400,000,000	'	'	'	'
Net income statement effect of off-balance sheet cash	'	'	'	12,000,000	'	'	192,000,000	'	'	'	'
Civil penalty payable under the settlement terms	'	'	1,000,000	'	'	'	'	'	'	'	'
Net income (loss)	'	'	'	'	2,243,000	-6,938,000	'	4,664,000	-4,030,000	'	'
Net cash provided by operating activities	'	'	'	'	'	'	'	-56,991,000	-59,564,000	'	'
Working capital deficit	'	186,000,000	'	'	186,000,000	'	'	186,000,000	'	'	159,000,000
Short-term bank borrowings and bills payable	'	690,000,000	'	'	690,000,000	'	'	690,000,000	'	'	'
Consumption tax refund receivable	'	31,057,000	'	'	31,057,000	'	'	31,057,000	'	'	51,334,000
Additional consumption tax refund	'	'	'	'	'	'	'	'	'	8,150,000	'
Consumption tax refund	$5,400,000	$8,600,000	'	'	'	'	'	'	'	'	'

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Basis of Presentation (Textual)	'	'
Change in accounting estimate, description	'	'Effective February 1, 2013, the Group changed the time period over which it depreciates machinery and equipment to 20 years from 15 years.
Change in estimate resulted in reduction of depreciation expense	$0.70	$1.80

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule of Inventory	'	'
Raw materials	$24,255	$26,433
Finished goods	38,790	21,701
Work-in-process	1,587	500
Total	$64,632	$48,634

Consumption_Tax_Refund_Receiva1

Consumption Tax Refund Receivable (Details) (USD $)	0 Months Ended
Consumption Tax Refund Receivable (Details) (USD $)	Oct. 30, 2013	Sep. 30, 2013	Nov. 30, 2013	Dec. 31, 2012
Consumption Tax Refund Receivable (Textual)	'	'	'	'
Consumption tax refund receivable	'	$31,057,000	'	$51,334,000
Consumption tax refund	5,400,000	8,600,000	'	'
Additional consumption tax refund	'	'	$8,150,000	'

Other_Current_Assets_Details

Other Current Assets (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Summary of other current assets	'	'
VAT recoverable	$49,468	$31,751
Customs deposits for imported inventories	5,777	21,648
Other	4,755	2,921
Other current assets	$60,000	$56,320

Other_Current_Assets_Details_T

Other Current Assets (Details Textual) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Other Current Assets (Textual)	'	'
VAT recoverable included in non-current assets	$2,343	$2,232

ShortTerm_Bank_Borrowings_Deta

Short-Term Bank Borrowings (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Summary of short-term bank borrowings	'	'
Bank borrowings-secured/guaranteed	$416,131	$295,146

ShortTerm_Bank_Borrowings_Deta1

Short-Term Bank Borrowings (Details Textual) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Short-Term Bank Borrowings (Textual)	'	'
Range of maturity term	'Two to twelve months	'
Interest range minimum	1.00%	1.37%
Interest range maximum	7.20%	7.93%
Amount guaranteed by related party and third party entities and individuals	$171	'
Amount secured by land, buildings and equipment	24	'
Land buildings and equipment carrying amount	92	'
Shanghai Pudong Development Bank [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	23	'
Shanghai Pudong Development Bank [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	16	'
Bank of China [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	77	'
Bank of China [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	92	'
China Construction bank [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	54	'
China Construction bank [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	54	'
Agricultural Bank of China [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	3	'
Agricultural Bank of China [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	3	'
China Merchant Bank [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	19	'
China Merchant Bank [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	19	'
Bank of Shanghai [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	3	'
Bank of Shanghai [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	3	'
Bank of Ningbo [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	10	'
Bank of Ningbo [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	8	'
Bank of Communication [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	7	'
Bank of Communication [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	7	'
Guangdong Development Bank [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	5	'
Guangdong Development Bank [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	5	'
Pin An Bank [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	23	'
Pin An Bank [Member] \| One year fixed term deposit [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short term loan payable secured, carrying amount	$22	'
Bank loans in RMB [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short-term debt, weighted average interest rate	5.86%	6.21%
Bank Loans In USD [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short-term debt, weighted average interest rate	2.72%	3.97%

Series_B_and_Warrant_Extension1

Series B and Warrant Extension (Details Textual) (USD $)	1 Months Ended	9 Months Ended
Series B and Warrant Extension (Details Textual) (USD $)	Sep. 24, 2013	Sep. 30, 2012
Series B And Warrant Extension [Abstract]	'	'
Amount Of Fair Value Dividend Transfer	'	$548,000
Fair Value Estimated Common Stock Per Share	$0.70	'
Fair Value Assumptions, Risk Free Interest Rate	0.10%	'
Fair Value Assumptions, Expected Volatility Rate	126.36%	'
Fair Value Assumptions, Expected Term	'1 year	'

ShareBased_Payments_Details_Te

Share-Based Payments (Details Textual) (USD $)	9 Months Ended		12 Months Ended				12 Months Ended
	Sep. 30, 2013	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Sep. 30, 2013	Dec. 31, 2011	Dec. 31, 2011
			Senior Management Employees [Member]	Two Independent Directors [Member]	Employees [Member]	2010 Equity Incentive Plan [Member]	Vest and Exercisable Condition 1 [Member]	Vest and Exercisable Condition 2 [Member]
							Senior Management Employees [Member]	Senior Management Employees [Member]
Share-based payments (Textual)	'	'	'	'	'	'	'	'
Number of Shares issuable pursuant to Equity Incentive Plan	'	'	'	'	'	6,000,000	'	'
Number of stock options granted	'	'	3,000,000	80,000	700,000	'	'	'
Contractual term of stock option	'	'	'5 years	'5 years	'5 years	'	'	'
Exercise price of stock option	'	'	$4.20	$4.20	$4.50	'	'	'
Condition for stock option to vest and become exercisable	'	'	'	'Independent directors are re-elected for successive one year terms one year after the stock options issuance date.	'	'	'	'
Grant date fair value of stock options	'	'	$3,300,000	$100,000	$1,300,000	'	'	'
Number of stock options vested	'	'	'	40,000	'	'	2,810,000	190,000
Cancellation of stock option granted to certain employees	'	'	'	'	600,000	'	'	'
Remaining stock option subject to vest and exercisable	'	'	'	40,000	'	'	'	'
Vesting period of stock options	'	'	'	'1 year	'	'	'	'
Percentage of stock option vest and exercisable in year one	'	'	'	'	30.00%	'	30.00%	40.00%
Percentage of stock option vest and exercisable in year two	'	'	'	'	40.00%	'	40.00%	60.00%
Percentage of stock option vest and exercisable in year three	'	'	'	'	30.00%	'	30.00%	'
Unrecognized compensation costs related to employee stock options	400,000	'	'	'	'	'	'	'
Remaining weighted average service period	'2 years	'	'	'	'	'	'	'
Exercise price of incentive stock option	'Shall not be less than 100% of the fair market value of a share on the date of grant.	'	'	'	'	'	'	'
Term of incentive stock option	'Not greater than 10 years.	'	'	'	'	'	'	'
Fair value of committed cash payment	'	400,000	'	'	'	'	'	'
Liability related to committed cash payment	$100,000	$300,000	'	'	'	'	'	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	9 Months Ended
Commitments and Contingencies (Details) (USD $)	Sep. 30, 2013
Commitments Contingencies (Textual)	'
Failure of Ningbo Keyuan to withhold income taxes payment	$50,000
Outstanding letter's of Credit	$174,000,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Income taxes (Textual)	'	'
Effective income tax rate	32.00%	36.00%
Income taxes paid	$0.40	$3.50

Earning_Loss_Per_Share_Details

Earning (Loss) Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Basic earnings per share:	'	'	'	'
Net income (loss) attributable to Keyuan	$2,243	($6,938)	$4,664	($4,030)
Fixed dividends to Series B convertible	548	'	548	'
Net Income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders	$2,243	($6,938)	$4,664	($4,030)
Weighted average common share	57,646,160	57,646,160	57,646,160	57,646,160
Effect of diluted securities:	'	'	'	'
-Diluted	62,979,500	57,646,160	62,979,500	57,646,160
Basic net income (loss) per share:	$0.04	($0.12)	$0.08	($0.07)
Diluted net income (loss) per share:	$0.04	($0.12)	$0.08	($0.07)
-Series B convertible preferred stock	'	'	'	'
Effect of diluted securities:	'	'	'	'
-Diluted	5,333,340	'	5,333,340	'

Earning_Loss_Per_Share_Details1

Earning (Loss) Per Share (Details 1)	9 Months Ended
Earning (Loss) Per Share (Details 1)	Sep. 30, 2013	Sep. 30, 2012
Warrant [Member]	'	'
Warrants and options excluded from the calculation of diluted earnings per share	'	'
Options	4,396,118	4,396,118
Options [Member]	'	'
Warrants and options excluded from the calculation of diluted earnings per share	'	'
Options	3,490,000	3,490,000

Significant_Concentrations_and2

Significant Concentrations and Risks (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2012
Customer A [Member]	'	'
Sales to major customers	'	'
Sales to major customers , Amount	$25,074	$77,871
Sales to major customers , Percentage	15.00%	15.00%
Customer B [Member]	'	'
Sales to major customers	'	'
Sales to major customers , Amount	$19,206	'
Sales to major customers , Percentage	12.00%	'

Significant_Concentrations_and3

Significant Concentrations and Risks (Details Textual) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	Sep. 30, 2013	Sep. 30, 2012	Supplier	Sep. 30, 2012	Dec. 31, 2012
Significant concentrations and risks (Textual)	'	'	'	'	'
Cash and pledged bank deposits in financial institutions	$377	'	$377	'	$255
Number of major supplier	'	'	3	'	'
Purchase (net of VAT) from major supplier	102	117	349	373	'
Purchase from major supplier percentage	77.00%	77.00%	79.00%	76.00%	'
Purchase from largest supplier, Amount	81	87	270	325	'
Purchase from largest supplier, Percentage	61.00%	58.00%	61.00%	66.00%	'
Purchase of heavy oil	142.3	'	282	'	'
Sale of heavy oil	141.7	'	281	'	'
Trading loss of heavy oil	$0.60	'	$1	'	'

Related_Party_Transactions_and2

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details)	9 Months Ended
	Sep. 30, 2013
Mr. Chunfeng Tao [Member]	'
Parties to the related party transactions	'
Relationship	'Majority stockholder
Mr. Jicun Wang [Member]	'
Parties to the related party transactions	'
Relationship	'Principal stockholder
Mr. Peijun Chen [Member]	'
Parties to the related party transactions	'
Relationship	'Principal stockholder
Ms. Sumei Chen [Member]	'
Parties to the related party transactions	'
Relationship	'Member of the Company's Board of Supervisors and spouse of Mr. Wang
Ms. Yushui Huang [Member]	'
Parties to the related party transactions	'
Relationship	'Vice President of Administration, Ningbo Keyuan
Ningbo Pacific Ocean Shipping Co., Ltd (Ningbo Pacific) [Member]	'
Parties to the related party transactions	'
Relationship	'100% ownership by Mr. Wang
Ningbo Xinhe Logistic Co., Ltd (Ningbo Xinhe) [Member]	'
Parties to the related party transactions	'
Relationship	'10% ownership by Ms. Huang
Ningbo Kunde Petrochemical Co, Ltd. (Ningbo Kunde) [Member]	'
Parties to the related party transactions	'
Relationship	'
Relationship	Mr. Tao’s mother was a 65% nominee shareholder for Mr. Hu, a third party through September 2011
Ningbo Hengfa Metal Product Co., Ltd (Ningbo Tenglong) [Member]	'
Parties to the related party transactions	'
Relationship	'100% ownership by Mr. Chen

Related_Party_Transactions_and3

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 1) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012		Dec. 31, 2012
Amounts outstanding with the related parties	'		'		'		'		'
Purchase of transportation services (a)	'	[1]	$1,011	[1]	$1,045	[1]	$2,675	[1]	'
Guarantee for bank borrowings (b)	'	[2]	34,399	[2]	'	[2]	34,399	[2]	'
Loan guarantee fee (b)	43	[2]	103	[2]	85	[2]	307	[2]	'
Amounts due from related parties (c)	1,113	[3]	'		1,113	[3]	'		40	[3]
Advance payments to these parties (i)	'	[4]	'		'	[4]	'		$479	[4]

[1]	The Group purchased transportation services of $nil and approximately $1.0 million from Ningbo Xinhe during the three months ended September 30, 2013 and 2012, respectively. The Group purchased transportation services of approximately $1.1 million and $2.7 million from Ningbo Xinhe during the nine months ended September 30, 2013 and 2012, respectively.
[2]	Guarantees for Bank Loans
[3]	Amounts due from related parties consist of the following.
[4]	Amounts due to related parties consist of the following.

Related_Party_Transactions_and4

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	$34,399
Bank loans guaranteed	28,927	38,480	'
Mr. Tao [Member]	'	'	'
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	16,645
Jicun Wang and Sumei Chen [Member]	'	'	'
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	17,754
Bank loans guaranteed	'	13,054	'
Ningbo Pacific [Member]	'	'	'
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	'
Bank loans guaranteed	$28,927	$25,426	'

Related_Party_Transactions_and5

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 3) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Short-term financing transactions with related parties	'		'
Amount due from related parties	$1,113	[1]	$40	[1]
Amounts due to related parties	'	[2]	479	[2]
Ningbo Xinhe [Member]	'		'
Short-term financing transactions with related parties	'		'
Amount due from related parties	1,064		'
Amounts due to related parties	'		479
Mr. Tao [Member]	'		'
Short-term financing transactions with related parties	'		'
Amount due from related parties	49		40
Ningbo Kunde [Member]	'		'
Short-term financing transactions with related parties	'		'
Amount due from related parties	$3,900		'

[1]	Amounts due from related parties consist of the following.
[2]	Amounts due to related parties consist of the following.

Related_Party_Transactions_and6

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 4) (Certain Other Parties [Member])	9 Months Ended
	Sep. 30, 2013
Ningbo Litong Petrochemical Co., Ltd (Ningbo Litong) [Member]	'
Relationships and transactions with certain other parties	'
Relationship	'Former 12.75% nominee shareholder of Ningbo Keyuan
Ningbo Anqi Petrochemical Co., Ltd (Ningbo Anqi) [Member]	'
Relationships and transactions with certain other parties	'
Relationship	'A related party through September 2011 when control transferred
Ningbo Kewei Investment Co., Ltd (Ningbo Kewei) [Member]	'
Relationships and transactions with certain other parties	'
Relationship	'A related party through September 2011 when control transferred
Ningbo Kunde Petrochemical Co., Ltd (Ningbo Kunde) [Member]	'
Relationships and transactions with certain other parties	'
Relationship	'A related party through September 2011 when control transferred

Related_Party_Transactions_and7

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 5) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012		Dec. 31, 2012
Transactions and amounts outstanding with certain other parties	'		'		'		'		'
Loan guarantee fee (b)	$43,000	[1]	$103,000	[1]	$85,000	[1]	$307,000	[1]	'
Amounts due from related parties (c)	1,113,000	[2]	'		1,113,000	[2]	'		40,000	[2]
Advance payments to these parties (i)	'	[3]	'		'	[3]	'		479,000	[3]
Advance Received from these parties (j)	1,113,000		'		1,113,000		'		'
Certain Other Parties [Member]	'		'		'		'		'
Transactions and amounts outstanding with certain other parties	'		'		'		'		'
Sales of products (e)	8,982,000	[4]	25,074,000	[4]	59,324,000	[4]	95,033,000	[4]	'
Purchase of raw materials (f)	10,118,000	[5]	17,183,000	[5]	44,968,000	[5]	39,522,000	[5]	'
Guarantee for bank borrowings (g)	65,526,000	[1]	51,043,000	[1]	159,511,000	[1]	212,615,000	[1]	'
Loan guarantee fee (b)	643,000	[1]	374,000	[1]	1,728,000	[1]	1,116,000	[1]	'
Amounts due from related parties (c)	8,061,000	[6]	'		8,061,000	[6]	'		28,028,000	[6]
Advance payments to these parties (i)	26,866,000	[7]	'		26,866,000	[7]	'		'	[7]
Advance Received from these parties (j)	$32,000	[7]	'		$32,000	[7]	'		'	[7]

[1]	Guarantees for Bank Loans
[2]	Amounts due from related parties consist of the following.
[3]	Amounts due to related parties consist of the following.
[4]	For the three months ended September 30, 2013, the Group sold finished products of approximately $5.1 million and $3.9 million to Litong and Kunde, respectively. For the three months ended September 30, 2012, the Group sold finished products of approximately $25 million to Kunde. For the nine months ended September 30, 2013, the Group sold finished products of approximately $17.1 million, $42 million and $0.2 million to Litong, Kunde and Kewei, respectively. For the nine months ended September 30, 2012, the Group sold finished products of approximately $17 million and $78 million to Litong and Kunde, respectively.
[5]	During the three months ended September 30, 2013, the Group purchased raw materials of approximately $0.01 million and $10 million from Kunde and Kewei, respectively. During the three months ended September 30, 2012, the Group purchased raw material of $16.9 million and $0.3 million from Ningbo Litong and Ningbo Kunde, respectively. During the nine months ended September 30, 2013, the Group purchased raw materials of approximately $2.7 million and $42.3 million from Kunde and Kewei, respectively. During the nine months ended September 30, 2012, the Group purchased raw materials of approximately $26 million and $13 million from Ningbo Litong and Ningbo Kunde, respectively.
[6]	At September 30, 2013, amounts due from certain other parties consist of amounts due from Litong and Kunde of $4.2 million and $3.9 million, respectively.
[7]	At September 30, 2013, advance payments to these parties consist of payments to Litong and Kewei of $7.6 million, and $19.3 million, respectively.

Related_Party_Transactions_and8

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 6) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Guarantees for bank loans from other certain parties	'	'	'	'	'
Guarantee provided during the period	$65,526	$51,044	$159,511	$212,615	'
Bank loans guaranteed	181,817	'	181,817	'	153,361
Ningbo Litong [Member]	'	'	'	'	'
Guarantees for bank loans from other certain parties	'	'	'	'	'
Guarantee provided during the period	54,768	16,645	116,696	67,252	'
Bank loans guaranteed	90,183	'	90,183	'	30,710
Ningbo Kewei [Member]	'	'	'	'	'
Guarantees for bank loans from other certain parties	'	'	'	'	'
Guarantee provided during the period	10,758	34,399	42,815	145,363	'
Bank loans guaranteed	$91,634	'	$91,634	'	$122,651

Related_Party_Transactions_and9

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details Textual) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012		Dec. 31, 2012
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Purchase of transportation services	'	[1]	$1,011,000	[1]	$1,045,000	[1]	$2,675,000	[1]	'
Guarantee fee as a percentage of loan principal	'		'		0.30%		'		'
Loan guarantee fees	43,000	[2]	103,000	[2]	85,000	[2]	307,000	[2]	'
Amount due from related parties	1,113,000	[3]	'		1,113,000	[3]	'		40,000	[3]
Ningbo Kunde [Member]	'		'		'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Sales of products (e)	3,900		25,000,000		42,000,000		78,000,000		'
Purchase of transportation services	10,000		300,000		2,700,000		13,000,000		'
Loan guarantee fees	'		'		'		370,000		'
Amount due from related parties	3,900,000		'		3,900,000		'		'
Ningbo Xinhe [Member]	'		'		'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Purchase of transportation services	100,000		'		1,040,000		1,700,000		'
Amount due from related parties	1,064,000		'		1,064,000		'		'
Ningbo Hengfa [Member]	'		'		'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Loan guarantee fees	'		30,000		'		70,000		'
Ningbo Pacific [Member]	'		'		'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Loan guarantee fees	40,000		100,000		90,000		210,000		'
Ningbo Kewei [Member]	'		'		'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Sales of products (e)	'		'		200,000		'		'
Purchase of transportation services	10,000,000		'		42,300,000		13,000,000		'
Loan guarantee fees	330,000		190,000		950,000		550,000		'
Advances from these parties for sales	30		'		30		'		'
Payments in advance to related party	19,300		'		19,300		'		'
Mr. Chunfeng Tao [Member]	'		'		'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Amount due from related parties	49,000		'		49,000		'		40,000
Ningbo Litong [Member]	'		'		'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'		'		'
Sales of products (e)	5,100		17,000,000		17,100,000		17,000,000		'
Purchase of transportation services	8,000,000		16,900,000		26,000,000		26,000,000		'
Loan guarantee fees	310,000		190,000		780,000		560,000		'
Amount due from related parties	4,200,000		'		4,200,000		'		'
Payments in advance to related party	$7,600		'		$7,600		'		'

[1]	The Group purchased transportation services of $nil and approximately $1.0 million from Ningbo Xinhe during the three months ended September 30, 2013 and 2012, respectively. The Group purchased transportation services of approximately $1.1 million and $2.7 million from Ningbo Xinhe during the nine months ended September 30, 2013 and 2012, respectively.
[2]	Guarantees for Bank Loans
[3]	Amounts due from related parties consist of the following.

Consolidated_Segment_Data_Deta

Consolidated Segment Data (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Summary of selected information in segment structure	'	'	'	'	'
Revenue	$150,286	'	$453,775	'	'
Income from operations	6,393	1,497	11,529	11,482	'
Total assets	886,031	'	886,031	'	666,874
Petrochemicals [Member]	'	'	'	'	'
Summary of selected information in segment structure	'	'	'	'	'
Revenue	128,542	'	388,301	'	'
Income from operations	5,467	'	3,011	'	'
Total assets	777,449	'	777,449	'	'
Rubbers [Member]	'	'	'	'	'
Summary of selected information in segment structure	'	'	'	'	'
Revenue	21,744	'	65,474	'	'
Income from operations	926	'	8,518	'	'
Total assets	$108,582	'	$108,582	'	'

Consolidated_Segment_Data_Deta1

Consolidated Segment Data (Details Textual)	9 Months Ended
	Sep. 30, 2013
	Segment
Consolidated Segment Data (Textual)	'
Number of operating segments	2