19 November 2012 15:36 [Source: ICIS news]
LONDON (ICIS)--Zaklady Azotowe Pulawy (ZAP) has earmarked more cash for capital expenditure investment for the fiscal year 2012/13 than it has for any year in the past decade, the Polish chemical group said on Monday.
ZAP is to invest more than Polish zlotych (Zl) 360m ($110.4m, €86.5m) in capex spending during the year, the company said. ZAP’s latest fiscal year started 1 July 2012.
Sums would be allocated for ongoing investments including a Zl 137.5m project to build a plant for the production of Pugran solid fertilizers, based on urea and ammonium sulphate solutions, it added.
The installation, under construction at ZAP's new production complex in the Starachowice Special Economic Zone, south-central Poland, should be completed by the first half of 2014, ZAP said.
Other investments included a major flue gas desulphurisation initiative, the development of ZAP's sales network and the construction of a 15,000-tonne ammonia storage unit at the Starachowice site.
On 15 November, ZAP announced it had signed a pre-merger agreement with fellow Polish chemical group Zaklady Azoty Tarnow (ZAT).
The company that should result from the merger, to be called Grupa Azoty, will be Europe’s second largest fertilizer producer, according to the controlling shareholder in both ZAP and ZAT, Poland's treasury ministry.
Part of the pre-merger agreement commits ZAT to supporting ZAP's ongoing investment projects.
($1 = €0.78, $1 = Zl 3.26, €1 = Zl 4.16)
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