Belarus’ Belneftekhim to merge Naftan and Polimir

30 October 2006 10:44  [Source: ICIS news]

MOSCOW (ICIS news)--Belarus’ state-owned petrochemical holding company Belneftekhim said on Monday that it will merge its major assets OAO Naftan and OAO Polimir.

 

The merger will allow the new organisation to better deal with rising gas prices, Alexander Borovsky, head of Belneftekhim, said in the statement, which disclosed no time-frame or any other financial details of the upcoming transaction.

 

The Naftan refinery is based in Novopolotsk in the Vitebsk region, while Polimir, which currently produces some 130,000 tonnes of ldPE a year, is based in the Novopolotsk region.

 

In 2004, the Belarus government approved a $218m programme to expand Naftan's crude refining output and raise paraxylene (PX), orthoxylene (OX) and sulphuric acid capacities by 2008.

 

The government has been discussing another $500m programme for further upgrading Naftan by 2010.

 

Belneftekhim has been planning to upgrade Polimir's petrochemicals facilities for up to $1bn (€786m) including the construction of a 250,000 tonnes/year ethylene plant, a 150,000 tonnes/year high density polyethylene (hdPE) plant, a 100,000 tonnes/year polypropylene (PP) unit and a 100,000 tonnes/year monoethylene glycol (MEG) plant.

By: Sergei Blagov
+44 20 8652 3214

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