Poland's Grupa Lotos needs investors to expand petchems - minister

01 October 2012 16:41  [Source: ICIS news]

LONDON (ICIS)--Poland-based refining group Grupa Lotos should seek strategic investors to help it expand its fledgling petrochemical division, Poland's treasury minister said on Monday.

Polish chemical group Grupa Azoty, the name of the state-controlled company to be formed by an upcoming merger of Zaklady Azoty Tarnow (ZAT) and Zaklady Azotowe Pulawy (ZAP), could make an ideal partner for Grupa Lotos in this area, Mikolaj Budzanowski added.

Grupa Azoty would give “fresh impetus” to Poland's chemical sector, and Grupa Lotos, which is also state-controlled, is a natural candidate for petrochemical investments, according to a treasury ministry strategy for chemical and oil assets that remain in state hands.

Its potential for producing petrochemical feedstock with its location on the coast, in the Baltic seaport of Gdansk, gives the company excellent export logistical opportunities, the strategy adds.

Grupa Lotos made its first move into petrochemical production in July, when it launched a 120,000 tonne/year mixed xylenes plant.

The installation has arranged to sell its output to Mitsubishi International Corporation in Dusseldorf, Germany - a wholly-owned subsidiary of Japan’s Mitsubishi Corporation.

By: Will Conroy
+44 20 8652 3214

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