21 December 2012 17:27 [Source: ICIS news]
LONDON (ICIS)--Serbia's HIP Petrohemija has completed the launch of its reconstructed and expanded high-density polyethylene (HDPE) plant, the company said on Friday.
The installation, the capacity of which has been increased 30% to slightly more than 90,000 tonnes/year, was put into operation three days ahead of schedule and has now entered a six-month “probationary period”, it added.
Prior to the HDPE launch, HIP Petrohemija's 200,000 tonne/year ethylene plant was brought back online two weeks ago, state-controlled HIP Petrohemija said.
Both the HDPE plant and the ethylene plant have been offline since early September when the reconstruction and expansion project was initiated, the company added. The cost of the project was approximately €10m ($13.2m).
The HDPE investment project was partly paid for by NIS, the refiner located adjacent to the company in Pancevo, northeast of Belgrade. NIS is owned by Russia's Gazprom Neft.
NIS holds a 12.72% stake in HIP Petrohemija and is examining the possibility of increasing its shareholding in the company to around 35%.
It has agreed long-term contracts with HIP Petrohemija to provide it with feedstock, including naphtha for the ethylene cracker.
($1 = €0.76)
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