Poland's ZAK seeks funds for coal gasification plant

28 July 2008 13:22  [Source: ICIS news]

PRAGUE (ICIS news)--Polish nitrogen fertiliser producer Zaklady Azotowe Kedzierzyn (ZAK) is seeking funding for a zlotys (Zl) 2bn (€623m/$980m) coal gasification plant, it said on Monday.

ZAK, which also produces plastics and petrochemicals, said in a statement it wanted to cut its reliance on imported Russian gas.

The state-owned company, gearing up for an initial public offering (IPO) later this year, added that it was talking to banks about raising loans for the project while also contemplating an application to the EU for co-financing.

Poland has Europe's largest deposits of coal and the EU is committed to energy diversification measures that reduce Europe’s dependence on imported energy supplies.

Another Polish nitrogen fertiliser producer, Zaklady Azotowe Pulawy (ZAP), has also expressed an interest in building a coal gasification plant to diversify its supplies.

ZAP, which also makes melamine and caprolactam, this month hired US engineering company Bechtel to prepare a feasibility study for the envisaged plant.

ZAK and ZAP believe their coal gasification units could be operational by around 2014.

($1 = Zl2.04/€1 = Zl3.21)

For more on ammonia and urea visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Will Conroy
+44 20 8652 3214

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.

Printer Friendly