Keyuan Petrochemicals (KEYP) 10-Q 8 Jul 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Jul. 01, 2014
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	31-Mar-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	57,025,312

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash	$14,083	$12,309
Pledged bank deposits	428,084	336,363
Bills receivable	536	25
Accounts receivable	11,644	7,517
Inventories	66,352	69,914
Prepayments to suppliers	57,729	33,842
Consumption tax recoverable	18,799	46,072
Amounts due from related parties	41	43
Other current assets	68,194	65,189
Deferred income tax assets	2,619	2,641
Total current assets	668,081	573,915
Property, plant and equipment, net	290,483	285,506
Intangible assets, net	941	986
Land use rights	10,456	10,663
VAT recoverable	2,261	3,012
Total assets	972,222	874,082
Current Liabilities:	'	'
Short-term bank borrowings	552,206	424,436
Bills payable	240,508	261,524
Accounts payable	59,316	59,043
Advances from customers	7,447	10,820
Accrued expenses and other payables	23,494	23,767
Income tax payable	352	1,849
Dividends payable	2,382	2,382
Total liabilities, all current	885,705	783,821
Series B convertible preferred stock:Par value:$0.001; Authorized: 8,000,000 shares issued and outstanding: 5,333,340 shares, liquidation preference $20,250	16,868	16,868
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Common stock: Par value: $0.001; Authorized: 100,000,000 shares Issued and outstanding: 57,335,736 and 57,520,012 shares, as at March 31,2014 and December 31, 2013, respectively	58	58
Additional paid-in capital	51,555	51,555
Statutory reserve	5,749	5,749
Accumulated other comprehensive income	9,407	10,245
Retained earnings	3,190	5,929
Treasury stock, at cost, 310,424 and 126,148 shares at March 31,2014 and December 31, 2013, respectively	-310	-143
Total stockholders' equity	69,649	73,393
Total liabilities and stockholders' equity	$972,222	$874,082

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
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	57,335,736	57,520,012
Common stock, shares outstanding	57,335,736	57,520,012
Treasury Stock, Shares	310,424	126,148

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statements of Comprehensive Income (Loss) [Abstract]	'	'
Sales	$201,894	$209,554
Cost of sales	194,751	200,732
Gross profit	7,143	8,822
Selling expenses	318	167
General and administration expenses	3,482	2,970
Total operating expenses	3,800	3,137
Income from operations	3,343	5,685
Other income (expenses):	'	'
Interest income	2,791	751
Interest expense	-4,968	-3,396
Foreign exchange gain (loss) , net	-2,445	1,553
Other expenses, net	-1,460	-380
Total other income (expenses), net	-6,082	-1,472
(Loss) income before income taxes	-2,739	4,213
Income tax expense	'	1,295
Net (loss) income attributable to Keyuan Petrochemicals Inc. stockholders	-2,739	2,918
Dividends to Series B convertible preferred stockholders	'	'
Net (loss) income attributable to Keyuan Petrochemicals Inc. common stockholders	-2,739	2,918
Net (loss) income attributable to Keyuan Petrochemicals Inc. stockholders	-2,739	2,918
Other comprehensive (loss) income:	'	'
Foreign currency translation adjustment	-837	531
Comprehensive (loss) income	($3,576)	$3,449
(Loss) earnings per share: Attributable to common stock:	'	'
-Basic	($0.05)	$0.05
-Diluted	($0.05)	$0.05
Weighted average number of shares of common stock used in calculation:	'	'
-Basic	57,505,098	57,646,160
-Diluted	57,505,098	62,979,500

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net (loss) income	($2,739)	$2,918
Adjustments to reconcile net (loss) income to net cash used in operating activities:	'	'
Depreciation	2,910	3,117
Amortization	37	27
Land use rights amortization	117	113
Deferred income tax expense	'	1,133
Share-based compensation expense	'	380
Changes in operating assets and liabilities:	'	'
Bills receivable	1,238	-2,033
Accounts receivable	-5,148	-1,559
Inventories	2,987	-8,339
Prepayments to suppliers	-23,628	-19,077
Consumption tax refund receivable	27,080	-25,219
Other current assets	-3,472	9,967
Accounts payable	781	-24,152
Advances from (to) customers	-2,342	-3,757
Income taxes payable	-1,491	-1,417
Accrued expenses and other payables	-874	780
Net cash used in operating activities	-4,544	-67,118
Cash flows from investing activities:	'	'
Purchase of property, plant and equipment	-9,604	-11,382
Net cash used in investing activities	-9,604	-11,382
Cash flow from financing activities:	'	'
Pledged bank deposits used for bank borrowings	-95,308	-50,687
Proceeds from short-term bank borrowings	365,125	297,548
Repayment of short-term bank borrowings	-232,738	-183,067
Proceeds from bank notes	177,471	57,116
Repayments of bank notes	-198,145	-45,884
Repurchase of treasury stock	-168	'
Net cash provided by financing activities	16,237	75,027
Effect of foreign currency exchange rate changes on cash	-315	60
Net increase (decrease) in cash	1,774	-3,413
Cash at beginning of year	12,309	23,378
Cash at end of year	14,083	19,965
Supplemental disclosure of cash flow information:	'	'
Income tax paid	1,480	1,579
Interest paid, net of capitalized interest	'	3,396
Non cash investing and financing activities:	'	'
Payable for purchase of property, plant and equipment (net of VAT)	$14,126	$2,798

Organization_and_Nature_of_Bus

Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [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 (“Sinotech”) 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
	On July 2, 2013, the United District Court for the District of Columbia issued a final judgment approving a settlement reached between the Company and the Securities and Exchange Commission (“SEC”). The settlement was reached on February 28, 2013 in a case filed by the SEC in the United States District Count for the District of Columbia against the Company, alleging it violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, Sections 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 thereunder. Under the terms of the settlement, the Company, without admitting or denying the allegation of the complaint, paid a civil penalty of $1million and was permanently enjoined from violating certain securities law.
	(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 loss and cash flows used in operations of approximately $2.7 million and $4.5 million, respectively, for the three months ended March 31, 2014 and net income and cash flows used in operations of approximately $4.1 million and $53.1 million, respectively, for the year ended December 31, 2013. At March 31, 2014 and December 31, 2013, the Company had a working capital deficit of approximately $218 million and $162 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 $793 million at March 31, 2014. Management expects that short-term bank financing will continue to be available through at least March 31, 2015.
	The Company continues to benefit from favorable PRC tax policies related to consumption tax (Note 4) of which approximately $18.8 million was refundable at March 31, 2014. Approximately $12.1 million was refunded in May 2014 and management expects approximately $0.4 million of consumption tax to be refunded in September 2014, and that approximately $6.3 million will be deductible against future consumption tax obligations. In addition, management expects that VAT of $30 million is expected to be refunded in late 2014.
	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	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [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, 2013 and 2012, 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, 2013 and 2012. 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.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2014
Inventories [Abstract]	'
INVENTORIES	'
	3	INVENTORIES
	Inventories consist of the following:
			March 31,		December 31,
			2014		2013
			($’000)		($’000)
			(Unaudited)
	Raw materials		$	22,726	$	37,747
	Finished goods			41,947		30,823
	Work-in-process			1,679		1,344
	Total		$	66,352	$	69,914

Consumption_Tax_Recoverable

Consumption Tax Recoverable	3 Months Ended
	Mar. 31, 2014
Consumption Tax Recoverable [Abstract]	'
CONSUMPTION TAX RECOVERABLE	'
	4	CONSUMPTION TAX RECOVERABLE
	The PRC government enacted a regulation pursuant to which domestically purchased heavy oil to be used for producing ethylene and aromatics products was exempted 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 producing ethylene and aromatics products, the Group recognizes a consumption tax recoverable when a consumption tax for heavy oils has been paid and the relevant heavy oils have been used for production of ethylene and aromatics products. At March 31, 2014 and December 31, 2013, the Group recorded an estimated consumption tax recoverable amounting to approximately $18.8 million and $46.1 million, respectively.
	In May 2014, a refund of approximately $12.1 million was received. In addition, management expects approximately $0.4 million of consumption tax to be refunded in September 2014, and that approximately $6.3 million will be deductible against future consumption tax obligations.

Other_Current_Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2014
Other Current Assets [Abstract]	'
OTHER CURRRENT ASSETS	'
	5	OTHER CURRENT ASSETS
	Other current assets consist of the following:
			March 31,		December 31,
			2014		2013
			($’000)		($’000)
			(Unaudited)
	VAT recoverable		$	54,148	$	56,667
	Customs deposits for imported inventories			6,399		3,680
	Other			7,647		4,842
			$	68,194	$	65,189
	Management estimates the deductible input VAT using vendor contracts, engineering and other estimates, as well as historical experience. Approximately $2.3 million and $3.0 million were included in non-current assets as of March 31, 2014 and December 31, 2013, 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 recoverable (Note 4).

ShortTerm_Bank_Borrowings

Short-Term Bank Borrowings	3 Months Ended
	Mar. 31, 2014
Short-Term Bank Borrowings [Abstract]	'
SHORT-TERM BANK BORROWINGS	'
	6	SHORT-TERM BANK BORROWINGS
	As of March 31, 2014, short−term bank borrowings outstanding carried a weighted average interest rate of 6.21% (2013: 6.17%) for bank loans in RMB; and a weighted average interest rate of 2.63% (2013: 3.36%) for bank loans in USD, and had maturity terms ranging from two to twelve months and interest rates ranging from 1.0% to 6.72% (2013: 1.0% to 6.72%).
	Short-term bank borrowings consist of the following:
			31-Mar-14				31-Dec-13
			SHORT-TERM BANK BORROWINGS		PLEDGED		SHORT-TERM BANK BORROWINGS		PLEDGED
					BANK DEPOSITS				BANK DEPOSITS
			($’000)		($’000)		($’000)		($’000)
			(Unaudited)		(Unaudited)
	China Construction Bank		$	143,501	$	97,794	$	102,995	$	43,000
	Shanghai Pudong Development Bank			36,940		23,874		32,529		9,000
	Agricultural Bank of China			56,404		10,811		32,770		20,000
	Pingan Bank			32,358		33,379		21,635		23,000
	Bank of Ningbo			21,967		7,867		30,052		1,000
	Bank of Communication			27,741		8,607		24,416		3,000
	Bank of China			187,570		98,105		137,309		78,000
	China Merchant Bank			36,240		18,153		33,249		23,000
	Ningbo Commerce Bank			4,992		-		4,990		5,000
	China Guangfa Bank			4,493	$	4,538		4,491	$	5,000
	Bank deposits pledged for bills payable		$	-		124,955	$	-		126,363
	Total		$	552,206	$	428,084	$	424,436	$	336,363
	Among the Group's short-term borrowings, as of March 31, 2014, $236 million was guaranteed by related party and third-party entities and individuals, and $13 million was collateralized by the Group’s land, buildings and equipment with a carrying amount of $102 million.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	7	COMMITMENTS AND CONTINGENCIES
	(a) Operating commitments
	The Group had outstanding Letters of Credit as of March 31, 2014 of approximately $144 million.
	(b) Capital commitments
	As of March 31, 2014, the Group had contractual capital commitments of approximately $9.8 million for purchases of equipment. The capital commitments relate primarily to manufacturing equipment enhancements.
	(c) Contingency
	The Company, with its PRC legal counsel, evaluated the matters identified in a 2010 Independent Investigation to determine the extent to which the Company may be exposed to fines and penalties in China. The Independent Investigation was conducted by the Audit Committee, and identified, among other matters, possible violations of PRC or U.S. laws. 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.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Taxes [Abstract]	'
INCOME TAXES	'
	8	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 expected effective income tax rate for 2014 is approximately 25%. The lower effective rate for the three months ended March 31, 2014 is primarily due to losses in non-PRC jurisdictions, the benefit of which is not expected to be realized. The Company paid income taxes of $1.5 million during the first three months of 2014, which was included in income taxes payable at December 31, 2013.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2014
EARNINGS (LOSS) PER SHARE	'
EARNINGS (LOSS) PER SHARE	'
	9	EARNINGS (LOSS) PER SHARE
	The following table sets forth the computation of basic net (loss) income per share:
			Three months ended
			March 31,
			2014			2013
			($’000)			($’000)
	Basic (loss) earnings per share:
	Net (loss) income attributable to Keyuan
	Petrochemicals, Inc. stockholders		$	(2,739	)	$	2,918
	Fixed dividends to Series B convertible
	Preferred stockholders			-			-
	Net (loss) income contributable to Keyuan
	Petrochemicals Inc. common stockholders		$	(2,739	)	$	2,918
	Weighted average common share
	(Denominator for basic income per share)			57,505,098			57,646,160
	Effect of diluted securities:
	-Series A convertible preferred stock			-			-
	-Series B convertible preferred stock			-			5,333,340
	-Series M convertible preferred stock			-			-
	-Warrants			-			-
	-Options			-			-
				57,505,098			62,979,500
	Basic net (loss) income per share:		$	(0.05	)	$	0.05
	Diluted net (loss) income per share:		$	(0.05	)	$	0.05
	The following table represents the warrants and options excluded from the calculation of diluted earnings per share:
			March 31,			March 31,
			2014			2013
	Warrants			4,396,118			4,396,118
	Options			3,490,000			3,490,000

Stock_Repurchase_Program

Stock Repurchase Program	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
STOCK REPURCHASE PROGRAM	'
	10	STOCK REPURCHASE PROGRAM
	On September 17, 2012, our Board of Directors authorized the repurchase of $2 million of the Company’s common stock for up to $1.50 per share. In the three months ended March 31, 2014, the Company purchased 184,276 shares for approximately $168,000.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE MEASUREMENTS	'
	11	FAIR VALUE MEASUREMENTS
	The Company did not have any assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013.
	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	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
SIGNIFICANT CONCENTRATIONS AND RISKS	'
	12	SIGNIFICANT CONCENTRATIONS AND RISKS
	At March 31, 2014 and December 31, 2013, the Group held cash and pledged bank deposits in financial institutions of approximately $442 million and $273 million, respectively. They were primarily held in major financial institutions located in mainland China and the Hong Kong Special Administrative Region, which management believes have high credit ratings.
	For the three months ended March 31, 2014 and 2013, sales to major customers, which individually exceeded 10% of the Group’s total annual net revenue, were as follows:
	For three months ended March 31, 2014				For three months ended March 31, 2013
	Largest		Amount of	% Total	Largest	Amount of	% Total
	Customers		Sales	Sales	Customers	Sales	Sales
			($’000)			($’000)
			(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)
	Customer A		23,740	12%	Customer B	30,853	15%
	The Group currently buys a majority of its heavy oil, an important component of its products, from three suppliers. 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 March 31, 2014 and 2013 were approximately $148 million and $170 million, respectively. These purchases represented 80% and 83%, respectively of all of the Group’s purchases for the three months ended March 31, 2014 and 2013. The Company’s largest supplier accounted for approximately $125 million and $127 million, or 67% and 62% of total purchases for the three months ended March 31, 2014 and 2013, respectively.
	The Company commenced trading of heavy oil in April 2013, whereby the Company functions as an agent on behalf of a Hong-Kong based customer. For the three months ended March 31, 2014, the trading of heavy oil consists of purchases of approximately $100.0 million, and sales of approximately $99.2 million, resulting in a loss of $0.8 million, that has been included in cost of sales in the condensed consolidated statement of comprehensive income.
	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	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS AND TRANSACTIONS WITH CERTAIN OTHER PARTIES	'
	13	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 Supervisors and spouse of Mr. Wang
	Ms. Yushui Huang		Vice President of Administration, Ningbo Keyuan
	Ningbo Pacific Ocean Shipping Co., Ltd		100% ownership by Mr. Wang
	(Ningbo Pacific)
	Ningbo Hengfa Metal Product Co., Ltd		100% ownership by Mr. Chen
	(Ningbo Hengfa, former name "Ningbo Tenglong")
	Ningbo Xinhe Logistic Co., Ltd		10% ownership by Ms. Huang
	(Ningbo Xinhe)
	Related party transactions and amounts outstanding with the related parties as of and for the three months ended March 31, 2014 and 2013, are summarized as follows:
			Three months ended
			March 31
			2014		2013
			($’000)		($’000)
			(Unaudited)		(Unaudited)
	Purchase of transportation services (a)		$	1,127	$	628
	Loan guarantee fee (b)		$	-	$	23
	Advance payments to related parties (c)		$	41	$	698
	Amounts due to related parties (d)		$	238	$	-
	(a) The Group purchased transportation services of $1.1 million and approximately $0.6 million from Ningbo Xinhe during the three months ended March 31, 2014 and 2013, respectively.
	(b) Guarantees for Bank Loans
			Guarantee provided during for three months ended March 31,				Bank loans Guaranteed as of
			2014		2013		March 31,		December 31,
							2014		2013
			($’000)		($’000)		($’000)		($’000)
			(Unaudited)		(Unaudited)		(Unaudited)
	Mr. Tao			-		-		-		-
	Jicun Wang and Sumei Chen			-		-		-		-
	Ningbo Pacific			-		-	$	-	$	70,086
	Total			-		-	$	-	$	70,086
	Beginning in 2011, loan guarantee fees of 0.3% of the loan principal guaranteed are to be paid quarterly. During the three months ended March 31, 2014 and 2013, loan guarantee fees were nil and approximately $0.02 million, respectively, for Ningbo Pacific.
	(c) Advance payments to related parties consist of advances made for business purposes to Mr. Tao. These amounts are unsecured interest free and due on demand.
	(d) At March 31, 2014, approximately $0.2 million was due to Ningbo Xinhe.
	(B) Relationships and transactions with certain other parties
	The Group has the following relationships and transactions with certain other parties:
	Name of parties		Relationship
	Ningbo Litong Petrochemical Co., Ltd		Former 12.75% nominee shareholder of Ningbo Keyuan
	(Ningbo Litong)
	Ningbo Anqi Petrochemical Co., Ltd		A related party through September 2011 when control transferred
	(Ningbo Anqi)
	Ningbo Lide Investment Co., Ltd.		A related party through September 2011 when control transferred
	(Ningbo Lide) (formerly Ningbo Kewei)
	Ningbo Kunde Petrochemical Co, Ltd.		A related party through September 2011 when control transferred
	(Ningbo Kunde)
	Transactions and amounts outstanding with these parties for the three months ended March 31, 2014 and 2013 are summarized as follows:
			Three months ended
			March 31,
			2014		2013
			($’000)		($’000)
			(Unaudited)		(Unaudited)
	Sales of products (e)		$	5,386	$	41,072
	Purchase of raw materials (f)		$	10,782	$	26,716
	Guarantee for bank borrowings (g)		$	-	$	-
	Loan guarantee fees (g)		$	634	$	517
	Amounts due to these parties (h)		$	-	$	851
	Advance payments to these parties (i)		$	33,012	$	26,560
	(e) The Group sold finished products of approximately $5.4 million and $10.2 million to Ningbo Litong during the three months ended March 31, 2014 and 2013, respectively, and sold finished products of nil and $30.9 million to Ningbo Kunde during the three months ended March 31, 2014 and 2013, respectively.
(f) During the three months ended March 31, 2014, the Group purchased raw materials of approximately $10.3 million and $0.5 million from Litong and Lide, respectively. During the three months ended March 31, 2013, the Group purchased raw materials of approximately $2.7 million and $24.0 million from Kunde and Lide, respectively.
(g) Guarantees for Bank Loans
		Guarantee provided during the three months ended March 31,				Bank loans Guaranteed as of
		2014		2013		March 31,		March 31,
						2014		2013
		($’000)		($’000)		($’000)		($’000)
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Ningbo Litong			-	$	-	$	110,055	$	56,380
Ningbo Lide			-		-	$	126,397	$	199,372
Total			-	$	-	$	236,452	$	255,752
Beginning in 2011, loan guarantee fees of 0.3% of the loan principal guaranteed are to be paid quarterly. During each of the three months ended March 31, 2014 and 2013, loan guarantee fees were approximately $0.2 million for Litong. During the three months ended March 31, 2014 and 2013, loan guarantee fees were approximately $0.4 million and $0.3 million for, respectively, Lide.
(h) At March 31, 2013, amounts due to certain other parties consist of amounts due to Kunde and Lide of $0.8 million and $0.1 million, respectively.
(i) At March 31, 3014, advance payments to these parties consist of payments to Litong and Lide of $26.7 million and $6.3 million, respectively.

Consolidated_Segment_Data

Consolidated Segment Data	3 Months Ended
	Mar. 31, 2014
Consolidated Segment Data [Abstract]	'
CONSOLIDATED SEGMENT DATA	'
	14	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.
	Segment information for the three months ended March 31, 2014 and 2013 is as follows:
			Three Months Ended
			2014							2013
			Petrochemical		Rubber			Total		Petrochemical			Rubber		Total
			($'000)		($'000)			($'000)		($'000)			($'000)		($'000)
			(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
	Revenue		$	195,678	$	6,216		$	201,894	$	181,593		$	27,961	$	209,554
	Income (loss) from operations		$	4,174	$	(831	)	$	3,343	$	(337	)	$	6,022	$	5,685
	Total assets		$	874,280	$	97,942		$	972,222	$	675,823		$	93,253	$	769,076

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2014
Inventories [Abstract]	'
Schedule of Inventory	'
		March 31,		December 31,
		2014		2013
		($’000)		($’000)
		(Unaudited)
	Raw materials	$	22,726	$	37,747
	Finished goods		41,947		30,823
	Work-in-process		1,679		1,344
	Total	$	66,352	$	69,914

Other_Current_Assets_Tables

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Other Current Assets [Abstract]	'
Other current assets	'
		March 31,		December 31,
		2014		2013
		($’000)		($’000)
		(Unaudited)
	VAT recoverable	$	54,148	$	56,667
	Customs deposits for imported inventories		6,399		3,680
	Other		7,647		4,842
		$	68,194	$	65,189

ShortTerm_Bank_Borrowings_Tabl

Short-Term Bank Borrowings (Tables)	3 Months Ended
	Mar. 31, 2014
Short-Term Bank Borrowings [Abstract]	'
Summary of short-term bank borrowings	'
		31-Mar-14				31-Dec-13
		SHORT-TERM BANK BORROWINGS		PLEDGED		SHORT-TERM BANK BORROWINGS		PLEDGED
				BANK DEPOSITS				BANK DEPOSITS
		($’000)		($’000)		($’000)		($’000)
		(Unaudited)		(Unaudited)
	China Construction Bank	$	143,501	$	97,794	$	102,995	$	43,000
	Shanghai Pudong Development Bank		36,940		23,874		32,529		9,000
	Agricultural Bank of China		56,404		10,811		32,770		20,000
	Pingan Bank		32,358		33,379		21,635		23,000
	Bank of Ningbo		21,967		7,867		30,052		1,000
	Bank of Communication		27,741		8,607		24,416		3,000
	Bank of China		187,570		98,105		137,309		78,000
	China Merchant Bank		36,240		18,153		33,249		23,000
	Ningbo Commerce Bank		4,992		-		4,990		5,000
	China Guangfa Bank		4,493	$	4,538		4,491	$	5,000
	Bank deposits pledged for bills payable	$	-		124,955	$	-		126,363
	Total	$	552,206	$	428,084	$	424,436	$	336,363

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
EARNINGS (LOSS) PER SHARE	'
Computation of basic net income per share:	'
		Three months ended
		March 31,
		2014			2013
		($’000)			($’000)
	Basic (loss) earnings per share:
	Net (loss) income attributable to Keyuan
	Petrochemicals, Inc. stockholders	$	(2,739	)	$	2,918
	Fixed dividends to Series B convertible
	Preferred stockholders		-			-
	Net (loss) income contributable to Keyuan
	Petrochemicals Inc. common stockholders	$	(2,739	)	$	2,918
	Weighted average common share
	(Denominator for basic income per share)		57,505,098			57,646,160
	Effect of diluted securities:
	-Series A convertible preferred stock		-			-
	-Series B convertible preferred stock		-			5,333,340
	-Series M convertible preferred stock		-			-
	-Warrants		-			-
	-Options		-			-
			57,505,098			62,979,500
	Basic net (loss) income per share:	$	(0.05	)	$	0.05
	Diluted net (loss) income per share:	$	(0.05	)	$	0.05
Summary of warrants and options excluded from the calculation of diluted earnings per share:	'
		March 31,			March 31,
		2014			2013
	Warrants		4,396,118			4,396,118
	Options		3,490,000			3,490,000

Significant_Concentrations_and1

Significant Concentrations and Risks (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Summary of sales to major customers	'
	For three months ended March 31, 2014			For three months ended March 31, 2013
	Largest	Amount of	% Total	Largest	Amount of	% Total
	Customers	Sales	Sales	Customers	Sales	Sales
		($’000)			($’000)
		(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)
	Customer A	23,740	12%	Customer B	30,853	15%

Related_Party_Transactions_and1

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [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 Supervisors and spouse of Mr. Wang
	Ms. Yushui Huang	Vice President of Administration, Ningbo Keyuan
	Ningbo Pacific Ocean Shipping Co., Ltd	100% ownership by Mr. Wang
	(Ningbo Pacific)
	Ningbo Hengfa Metal Product Co., Ltd	100% ownership by Mr. Chen
	(Ningbo Hengfa, former name "Ningbo Tenglong")
	Ningbo Xinhe Logistic Co., Ltd	10% ownership by Ms. Huang
	(Ningbo Xinhe)
Related party transactions and amounts outstanding with the related parties	'
		Three months ended
		March 31
		2014		2013
		($’000)		($’000)
		(Unaudited)		(Unaudited)
	Purchase of transportation services (a)	$	1,127	$	628
	Loan guarantee fee (b)	$	-	$	23
	Advance payments to related parties (c)	$	41	$	698
	Amounts due to related parties (d)	$	238	$	-
	(a) The Group purchased transportation services of $1.1 million and approximately $0.6 million from Ningbo Xinhe during the three months ended March 31, 2014 and 2013, respectively.
	(b) Guarantees for Bank Loans
	(c) Advance payments to related parties consist of advances made for business purposes to Mr. Tao. These amounts are unsecured interest free and due on demand.
	(d) At March 31, 2014, approximately $0.2 million was due to Ningbo Xinhe.
Guarantees for bank loans	'
		Guarantee provided during for three months ended March 31,				Bank loans Guaranteed as of
		2014		2013		March 31,		December 31,
						2014		2013
		($’000)		($’000)		($’000)		($’000)
		(Unaudited)		(Unaudited)		(Unaudited)
	Mr. Tao		-		-		-		-
	Jicun Wang and Sumei Chen		-		-		-		-
	Ningbo Pacific		-		-	$	-	$	70,086
	Total		-		-	$	-	$	70,086
Relationships and transactions with certain other parties	'
	Name of parties	Relationship
	Ningbo Litong Petrochemical Co., Ltd	Former 12.75% nominee shareholder of Ningbo Keyuan
	(Ningbo Litong)
	Ningbo Anqi Petrochemical Co., Ltd	A related party through September 2011 when control transferred
	(Ningbo Anqi)
	Ningbo Lide Investment Co., Ltd.	A related party through September 2011 when control transferred
	(Ningbo Lide) (formerly Ningbo Kewei)
	Ningbo Kunde Petrochemical Co, Ltd.	A related party through September 2011 when control transferred
	(Ningbo Kunde)
Transactions and amounts outstanding with certain other parties	'
		Three months ended
		March 31,
		2014		2013
		($’000)		($’000)
		(Unaudited)		(Unaudited)
	Sales of products (e)	$	5,386	$	41,072
	Purchase of raw materials (f)	$	10,782	$	26,716
	Guarantee for bank borrowings (g)	$	-	$	-
	Loan guarantee fees (g)	$	634	$	517
	Amounts due to these parties (h)	$	-	$	851
	Advance payments to these parties (i)	$	33,012	$	26,560
	(e) The Group sold finished products of approximately $5.4 million and $10.2 million to Ningbo Litong during the three months ended March 31, 2014 and 2013, respectively, and sold finished products of nil and $30.9 million to Ningbo Kunde during the three months ended March 31, 2014 and 2013, respectively.
	(f) During the three months ended March 31, 2014, the Group purchased raw materials of approximately $10.3 million and $0.5 million from Litong and Lide, respectively. During the three months ended March 31, 2013, the Group purchased raw materials of approximately $2.7 million and $24.0 million from Kunde and Lide, respectively.
	(g) Guarantees for Bank Loans
	(h) At March 31, 2013, amounts due to certain other parties consist of amounts due to Kunde and Lide of $0.8 million and $0.1 million, respectively.
	(i) At March 31, 3014, advance payments to these parties consist of payments to Litong and Lide of $26.7 million and $6.3 million, respectively.
Guarantees for bank loans with certain other parties	'
		Guarantee provided during the three months ended March 31,				Bank loans Guaranteed as of
		2014		2013		March 31,		March 31,
						2014		2013
		($’000)		($’000)		($’000)		($’000)
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	Ningbo Litong		-	$	-	$	110,055	$	56,380
	Ningbo Lide		-		-	$	126,397	$	199,372
	Total		-	$	-	$	236,452	$	255,752

Consolidated_Segment_Data_Tabl

Consolidated Segment Data (Tables)	3 Months Ended
	Mar. 31, 2014
Consolidated Segment Data [Abstract]	'
Summary of selected information in segment structure presented in following tables	'
		Three Months Ended
		2014							2013
		Petrochemical		Rubber			Total		Petrochemical			Rubber		Total
		($'000)		($'000)			($'000)		($'000)			($'000)		($'000)
		(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
	Revenue	$	195,678	$	6,216		$	201,894	$	181,593		$	27,961	$	209,554
	Income (loss) from operations	$	4,174	$	(831	)	$	3,343	$	(337	)	$	6,022	$	5,685
	Total assets	$	874,280	$	97,942		$	972,222	$	675,823		$	93,253	$	769,076

Organization_and_Nature_of_Bus1

Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Textual)	'	'	'
Net (loss) income	($2,739,000)	$2,918,000	$4,100,000
Net cash provided by operating activities	-4,544,000	-67,118,000	53,100,000
Working capital deficit	218,000,000	'	162,000,000
Short-term bank borrowings and bills payable	793,000,000	'	'
Consumption tax recoverable	18,799,000	'	46,072,000
Additional consumption tax refund	6,300,000	'	'
Deductible consumption tax	6,300,000	'	'
VAT refunded	30,000,000	'	'
May 2014 [Member]	'	'	'
Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Textual)	'	'	'
Consumption tax refund	12,100,000	'	'
September 2014 [Member]	'	'	'
Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Textual)	'	'	'
Consumption tax refund	$400,000	'	'

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Inventory	'	'
Raw materials	$22,726	$37,747
Finished goods	41,947	30,823
Work-in-process	1,679	1,344
Total	$66,352	$69,914

Consumption_Tax_Recoverable_De

Consumption Tax Recoverable (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	31-May-14	Sep. 30, 2014
			Subsequent Event [Member]	Subsequent Event [Member]
Consumption Tax Recoverable (Textual)	'	'	'	'
Consumption tax recoverable	$18,799,000	$46,072,000	'	'
Consumption tax refund	'	'	12,100,000	'
Additional consumption tax refund	$6,300,000	'	'	$400,000

Other_Current_Assets_Details

Other Current Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Components of other current assets	'	'
VAT recoverable	$54,148	$56,667
Customs deposits for imported inventories	6,399	3,680
Other	7,647	4,842
Other current assets	$68,194	$65,189

Other_Current_Assets_Details_T

Other Current Assets (Details Textual) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Current Assets (Textual)	'	'
VAT recoverable included in non-current assets	$2,261	$3,012

ShortTerm_Bank_Borrowings_Deta

Short-Term Bank Borrowings (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	$552,206	$424,436
PLEDGED BANK DEPOSITS	428,084	336,363
China Construction bank [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	143,501	102,995
PLEDGED BANK DEPOSITS	97,794	43,000
Shanghai Pudong Development Bank [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	36,940	32,529
PLEDGED BANK DEPOSITS	23,874	9,000
Agricultural Bank Of China [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	56,404	32,770
PLEDGED BANK DEPOSITS	10,811	20,000
Pingan Bank [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	32,358	21,635
PLEDGED BANK DEPOSITS	33,379	23,000
Bank of Ningbo [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	21,967	30,052
PLEDGED BANK DEPOSITS	7,867	1,000
Bank of Communication [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	27,741	24,416
PLEDGED BANK DEPOSITS	8,607	3,000
Bank of China [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	187,570	137,309
PLEDGED BANK DEPOSITS	98,105	78,000
China Merchant Bank [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	36,240	33,249
PLEDGED BANK DEPOSITS	18,153	23,000
Ningbo Commerce Bank [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	4,992	4,990
PLEDGED BANK DEPOSITS	'	5,000
China Guangfa Bank [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	4,493	4,491
PLEDGED BANK DEPOSITS	4,538	5,000
Bank deposits pledged for bills payable [Member]	'	'
Summary of short-term bank borrowings	'	'
SHORT-TERM BANK BORROWINGS	'	'
PLEDGED BANK DEPOSITS	$124,955	$126,363

ShortTerm_Bank_Borrowings_Deta1

Short-Term Bank Borrowings (Details Textual) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Short-Term Bank Borrowings (Textual)	'	'
Maturity term	'Maturity terms ranging from two to twelve months	'
Interest rate, minimum	1.00%	1.00%
Interest rate, maximum	6.72%	6.72%
Amount guaranteed by related party and third party entities and individuals	$236	'
Amount secured by land, buildings and equipment	13	'
Land buildings and equipment carrying amount	$102	'
Bank loans in RMB [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short-term debt outstanding, weighted average interest rate	6.21%	6.17%
Bank Loans In USD [Member]	'	'
Short-Term Bank Borrowings (Textual)	'	'
Short-term debt outstanding, weighted average interest rate	2.63%	3.36%

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Commitments Contingencies (Textual)	'
Outstanding letter's of Credit	$144
Contractual capital commitments for purchases of equipment	$9.80

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Income taxes (Textual)	'
Effective income tax rate	25.00%
Income taxes paid	$1.50

Earnings_Loss_Per_Share_Detail

Earnings (Loss) Per Share (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Basic (loss) earnings per share:	'	'	'
Net (loss) income attributable to Keyuan Petrochemicals, Inc. stockholders	($2,739)	$2,918	$4,100
Fixed dividends to Series B convertible Preferred stockholders	'	'	'
Net (loss) income attributable to Keyuan Petrochemicals Inc. common stockholders	($2,739)	$2,918	'
Weighted average common share (Denominator for basic income per share)	57,505,098	57,646,160	'
Effect of diluted securities:	'	'	'
-Diluted	57,505,098	62,979,500	'
Basic net (loss) income per share :	($0.05)	$0.05	'
Diluted net (loss) income per share:	($0.05)	$0.05	'
Series A Preferred Stock [Member]	'	'	'
Effect of diluted securities:	'	'	'
-Diluted	'	'	'
Series B Preferred Stock [Member]	'	'	'
Effect of diluted securities:	'	'	'
-Diluted	'	5,333,340	'
Series M Preferred Stock [Member]	'	'	'
Effect of diluted securities:	'	'	'
-Diluted	'	'	'
Warrant [Member]	'	'	'
Effect of diluted securities:	'	'	'
-Diluted	'	'	'
Options [Member]	'	'	'
Effect of diluted securities:	'	'	'
-Diluted	'	'	'

Earnings_Loss_Per_Share_Detail1

Earnings (Loss) Per Share (Details 1)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
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

Stock_Repurchase_Program_Detai

Stock Repurchase Program (Details) (USD $)	0 Months Ended	3 Months Ended
	Sep. 17, 2012	Mar. 31, 2014
Equity, Class of Treasury Stock [Line Items]	'	'
Authorized amount for stock repurchases	$2,000,000	'
Stock repurchase price per share	$1.50	'
Number of treasury shares acquired	'	184,276
Treasury stock value repurchased	'	$168,000

Significant_Concentrations_and2

Significant Concentrations and Risks (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenue, Major Customer [Line Items]	'	'
Amount of Sales	$201,894	$209,554
Customer A [Member]	'	'
Revenue, Major Customer [Line Items]	'	'
Amount of Sales	23,740	'
% Total Sales	12.00%	'
Customer B [Member]	'	'
Revenue, Major Customer [Line Items]	'	'
Amount of Sales	'	$30,853
% Total Sales	'	15.00%

Significant_Concentrations_and3

Significant Concentrations and Risks (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'
Cash and pledged bank deposits	$442	'	$273
Purchases	125	127	'
Purchase, Percentage	67.00%	62.00%	'
Purchase of heavy oil	100	'	'
Sale of heavy oil	99.2	'	'
Trading loss of heavy oil	0.8	'	'
Largest three supplier [Member]	'	'	'
Related Party Transaction [Line Items]	'	'	'
Purchases	$148	$170	'
Purchase, Percentage	80.00%	83.00%	'
Number of supplier	3	3	'

Related_Party_Transactions_and2

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details)	3 Months Ended
	Mar. 31, 2014
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 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
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Amounts outstanding with the related parties	'		'
Purchase of transportation services (a)	$1,127	[1]	$628	[1]
Loan guarantee fee (b)	'	[2]	23	[2]
Advance payments to related parties (c)	41	[3]	698	[3]
Amounts due to related parties(d)	$238	[4]	'	[4]
[1]	The Group purchased transportation services of $1.1 million and approximately $0.6 million from Ningbo Xinhe during the three months ended March 31, 2014 and 2013, respectively.
[2]	Guarantees for Bank Loans
[3]	Advance payments to related parties consist of advances made for business purposes to Mr. Tao. These amounts are unsecured interest free and due on demand.
[4]	At March 31, 2014, approximately $0.2 million was due to Ningbo Xinhe.

Related_Party_Transactions_and4

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	'
Bank loans Guaranteed	'	70,086	'
Mr Tao [Member]	'	'	'
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	'
Bank loans Guaranteed	'	'	'
Jicun Wang And Sumei Chen [Member]	'	'	'
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	'
Bank loans Guaranteed	'	'	'
Ningbo Pacific [Member]	'	'	'
Guarantees for Bank Loans	'	'	'
Guarantee provided	'	'	'
Bank loans Guaranteed	'	$70,086	'

Related_Party_Transactions_and5

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 3)	3 Months Ended
	Mar. 31, 2014
Ningbo Xinhe Logistic Co Ltd [Member]	'
Relationships and transactions with certain other parties	'
Relationship	'10% ownership by Ms. Huang
Ningbo Litong Petrochemical Co., Ltd (Ningbo Litong) [Member] | Certain Other Parties [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] | Certain Other Parties [Member]	'
Relationships and transactions with certain other parties	'
Relationship	'A related party through September 2011 when control transferred
Ningbo Lide Investment Co., Ltd. (Ningbo Lide) (formerly Ningbo Kewei) | Certain Other Parties [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] | Certain Other Parties [Member]	'
Relationships and transactions with certain other parties	'
Relationship	'A related party through September 2011 when control transferred

Related_Party_Transactions_and6

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Transactions and amounts outstanding with certain other parties	'		'
Loan guarantee fees (g)	'	[1]	$23	[1]
Amounts due to these parties (h)	41	[2]	698	[2]
Certain Other Parties [Member]	'		'
Transactions and amounts outstanding with certain other parties	'		'
Sales of products (e)	5,386	[3]	41,072	[3]
Purchase of raw materials (f)	10,782	[4]	26,716	[4]
Guarantee for bank borrowings (g)	'	[1]	'	[1]
Loan guarantee fees (g)	634	[1]	517	[1]
Amounts due to these parties (h)	'	[5]	851	[5]
Advance payments to these parties (i)	$33,012	[6]	$26,560	[6]
[1]	Guarantees for Bank Loans
[2]	Advance payments to related parties consist of advances made for business purposes to Mr. Tao. These amounts are unsecured interest free and due on demand.
[3]	The Group sold finished products of approximately $5.4 million and $10.2 million to Ningbo Litong during the three months ended March 31, 2014 and 2013, respectively, and sold finished products of nil and $30.9 million to Ningbo Kunde during the three months ended March 31, 2014 and 2013, respectively.
[4]	During the three months ended March 31, 2014, the Group purchased raw materials of approximately $10.3 million and $0.5 million from Litong and Lide, respectively. During the three months ended March 31, 2013, the Group purchased raw materials of approximately $2.7 million and $24.0 million from Kunde and Lide, respectively.
[5]	At March 31, 2013, amounts due to certain other parties consist of amounts due to Kunde and Lide of $0.8 million and $0.1 million, respectively.
[6]	At March 31, 3014, advance payments to these parties consist of payments to Litong and Lide of $26.7 million and $6.3 million, respectively.

Related_Party_Transactions_and7

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details 5) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Guarantees for bank loans from other certain parties	'	'
Guarantee provided during the period	'	'
Bank loans guaranteed	236,452	255,752
Ningbo Litong [Member]	'	'
Guarantees for bank loans from other certain parties	'	'
Guarantee provided during the period	'	'
Bank loans guaranteed	110,055	56,380
Ningbo Lide [Member]	'	'
Guarantees for bank loans from other certain parties	'	'
Guarantee provided during the period	'	'
Bank loans guaranteed	$126,397	$199,372

Related_Party_Transactions_and8

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details Textual) (USD $)	3 Months Ended				12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2011
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'
Guarantee fee as a percentage of loan principal	'		'		0.30%
Loan guarantee fees (g)	'	[1]	$23,000	[1]	'
Ningbo Kunde [Member]	'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'
Amounts due to these parties (g)	'		800,000		'
Sales of products (e)	'		30,900,000		'
Purchase of raw materials (f)	'		2,700,000		'
Ningbo Xinhe [Member]	'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'
Purchase of transportation services (e)	1,100,000		600,000		'
Amounts due to these parties (g)	200,000		'		'
Ningbo Pacific [Member]	'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'
Loan guarantee fees (g)	20,000		20,000		'
Ningbo Litong [Member]	'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'
Payments in advance to related party	26,700,000		'		'
Sales of products (e)	5,400,000		10,200,000		'
Purchase of raw materials (f)	10,300,000		'		'
Loan guarantee fees (g)	200,000		200,000		'
Ningbo Lide [Member]	'		'		'
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)	'		'		'
Amounts due to these parties (g)	'		100,000		'
Payments in advance to related party	6,300,000		'		'
Purchase of raw materials (f)	500,000		24,000,000		'
Loan guarantee fees (g)	$400,000		$300,000		'
[1]	Guarantees for Bank Loans

Consolidated_Segment_Data_Deta

Consolidated Segment Data (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Summary of selected information in segment structure	'	'	'
Revenue	$201,894	$209,554	'
Income (loss) from operations	3,343	5,685	'
Total assets	972,222	769,076	874,082
Petrochemicals [Member]	'	'	'
Summary of selected information in segment structure	'	'	'
Revenue	195,678	181,593	'
Income (loss) from operations	4,174	-337	'
Total assets	874,280	675,823	'
Rubbers [Member]	'	'	'
Summary of selected information in segment structure	'	'	'
Revenue	6,216	27,961	'
Income (loss) from operations	-831	6,022	'
Total assets	$97,942	$93,253	'

Consolidated_Segment_Data_Deta1

Consolidated Segment Data (Details Textual)	3 Months Ended
	Mar. 31, 2014
	Segment
Consolidated Segment Data (Textual)	'
Number of operating segments	2