PKN, Basell contribute Euro80m each in PE/PP jv assets

22 January 2002 14:54  [Source: ICIS news]

LONDON (CNI)--Polish oil company Polski Koncern Naftowy (PKN) Orlen said Tuesday it is to contribute Euro80m ($71m) worth of production assets to its proposed polyolefins project with Basell. The polyolefins major is to provide technology expertise valued at the same amount.

The remaining funding requirements for the $350m project, located in Plock, Poland, will come from bank loans or bond issues, a PKN spokesman told CNI.

The 50:50 joint venture project is expected to be approved by PKN's supervisory board in the next few days, the spokesman said. Final approval will then be sought at PKN's biannual general meeting on 21 February.

The project comprises a 320 000 tonne/year high density polyethylene (hdPE) unit and a 400 000 tonne/year polypropylene (PP) unit.

By: Russell Ong
+44 208 652 3214

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