03 January 2002 16:15 [Source: ICIS news]
LONDON (CNI)--Negotiations between Poland's Polski Koncern Naftowy (PKN) Orlen and European polyolefins producer Basell to establish a polyolefins joint venture in Plock, Poland have reached an "advanced stage", a Basell source said Thursday.
State-owned refinery and petrochemical company PKN confirmed that its management recently proposed to the supervisory board the creation of a 50:50 joint venture with Basell.
The joint venture would build a 320 000 tonne/year high density polyethylene (hdPE) unit and a 400 000 tonne/year polypropylene (PP) unit. PKN also plans to build an ethylene cracker at the Plock site, which is due onstream in 2004.
A PKN spokesman confirmed that Basell had an exclusivity agreement for the hdPE and PP projects but this expired at the end of November and has not been renewed.
Final approval for the polyolefins projects has to be obtained at PKN's annual general meeting (AGM) on 21 February, added the spokesman.
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