11 January 2013 16:14 [Source: ICIS news]
LONDON (ICIS)--Union representatives at Croatia's mothballed Dina Petrokemija said on Friday they have appealed to ministers to help find an investor to fund the restart of the petrochemical and plastics manufacturer’s low density polyethylene (LDPE) and other production units.
Hopes have faded that Turkey's Caliskan group would come to rescue of Dina, a subsidiary of Croatia's Dioki, because that corporation had let it be known that it was very hesitant about investing in the current investment climate, the Syndicate of Dina Petrokemija Workers said.
Last September, Dioki agreed to sell petrochemical product marketing company Adriaoil to Caliskan for €5m ($6.7m) to raise funds to pay back wages owed to workers.
Since then, Caliskan had looked at what role it could possibly serve in restoring production at Dina Petrokemija's 90,000 tonne/year LDPE unit and 200,000 tonne/year vinyl chloride monomer (VCM) installation, which are both located in Omisalj on the Adriatic island of Krk.
“An alternative investor, or perhaps a partner for Caliskan, should be sought as a matter of urgency because the future is again very unsure,” the union said.
Given the unstable situation as regards the future of Dina Petrokemija's 320 employees, government officials should also pay more attention to the long-term safeguarding of 900 tonnes of chemicals, some of which were dangerous and toxic, stored at the company site, it added.
Caliskan was not available for comment.
On 18 December, Croatian oil and gas retailer Crodux Plin announced it had plans to start up both the polystyrene (PS) and expandable polystyrene (EPS) plants at Dioki's Zagreb site if its bid to become a strategic investor in the indebted firm was successful.
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