Polish chems groups urged to apply for major state investment loans

06 March 2013 16:03  [Source: ICIS news]

LONDON (ICIS)--Chemical companies in Poland could each benefit from several hundreds of millions of euro in financing from the state's newly created Polish Investments Programme, Poland's treasury ministry said on Wednesday.

Chemical group Zaklady Azoty Tarnow (ZAT) and major synthetic rubber producer Synthos have already expressed interest in securing loans from the programme, said the ministry, which is running the initiative.

Attractive financing, possibly combining the resources of the state with those of private entities, and state guarantees on private lending would be available from the Polish Investments Programme, created at a time when Poland is struggling with a downturn in growth, it added.

ZAT and second-largest Polish refiner Grupa Lotos are conducting a feasibility study on constructing a zloty (Zl) 6bn ($1.9bn, €1.4bn) petrochemical complex in Gdansk, in northern Poland, which would produce around 1m tonnes/year of products primarily aimed at addressing the country's lack of domestically-made petrochemical raw materials.

Synthos, which last November said it was creating an EU-backed synthetic rubber research & development centre, has ambitions to establish synthetic rubber plants across central and eastern Europe.

($1 = Zl 3.19, €1 = Zl 4.15)

By: Franco Capaldo
+44 (0)20 8652 3214

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