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.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections