05 July 2005 09:36 [Source: ICIS news]
PARIS (CNI)--The European Investment Bank (EIB) said it is planning to lend the European Pipeline Development Company (EPDC) Euro99m (about $118m) to help it build and operate a propylene pipeline network in Northwest Europe.
The 500 kilometre (312 mile) long line will transport the key petrochemical feedstock between Belgium, the Netherlands and Germany.
EIB said the Euro199.2m project will enable “all propylene producers connected to the pipeline to better manage supply/demand balances and also improve the industry's overall competitiveness".
The European Commission (EC) last year paved the way for construction of the network by approving Euro27m of state aid for the project.
EPDC is a consortium of chemical companies comprising DSM, Shell, BASF, Celanese, BP/VORP, Degussa/Rutgers, Sabic and Sasol.
These companies plan to own and operate the pipeline, which is destined to link Rotterdam to Cologne and the German Ruhr area via Antwerp in Belgium and Geleen in southeast Netherlands. Commissioning of the first phase of the network is expected in late 2005 or early 2006.
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