Slovnaft Poland takes over TVK Poland petchem distribution unit

04 April 2012 16:40  [Source: ICIS news]

LONDON (ICIS)--Slovnaft Poland has “symbolically acquired” sister petrochemical distribution unit TVK Poland, the company said on Wednesday.

The distribution in Poland and the Baltic countries of polyethylene (PE), polypropylene (PP) and other products made by Hungary’s TVK will now be handled by the Polish fuel trader.

Slovnaft Poland is owned by Slovakian petrochemical producer Slovnaft which, like TVK, is owned by Hungary’s MOL oil and gas group.

TVK, which has embarked on a three-year cost-cutting plan following loss-making third and fourth quarters in 2011, also announced it was laying off 44 staff its accounting, bookkeeping and tax record offices, reducing its workforce to 1,074.

The work performed by the staff would be outsourced to external providers, the company added.

Last year, TVK and parent group MOL merged their petrochemical segments under one umbrella, named the MOL Downstream Division, in line with efforts to increase competitiveness, reduce costs and optimise production, TVK said.

The move was made during a period in which TVK and MOL were battling historically low petrochemical margins as demand for plastic feedstocks fell amid renewed economic difficulties in Europe, it added.

By: Will Conroy
+44 20 8652 3214

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