Written on 11.12.2013 - Industry
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POLAND: Lotos & Azoty sign agreement to study possible Polish petrochemical complex

Grupa Lotos SA and Grupa Azoty SA have signed an agreement to form a special purpose vehicle to carry out a comprehensive feasibility study on construction of a new petrochemical complex near their existing Polish sites.

Late last year, the two companies agreed to study the feasibility of two potential projects—one involving a steam cracker to produce ethylene, propylene and butylene, as well as a polyethylene plant, and the other an aromatics complex.

Lotos, which did not disclose the chosen alternative, said the project has an estimated cost of PLN 12-billion, “making it the largest investment in the Polish industrial sector in recent years.”

With completion of the feasibility study, an investment decision is expected in 2014. If the project is given the green light and the financing structure is agreed, construction will take place throughout 2016 to 2018, with operations beginning in 2019.

Source: Weekly "PetroChemical News", Durham, NC, USA; 9 Dec 2013

(Syed Rashid Ali, Karachi, Pakistan)