10 September 2013 10:39 [Source: ICIS news]
LONDON (ICIS)--Slovnaft is on schedule to launch a new €200m ($266.7m) low density polyethylene (LDPE) plant within 2015 having begun construction of the installation in early September, the Slovak refining and petrochemical producer said on Tuesday.
The 220,000 tonne/year plant, to be built at the company's production site in Bratislava, is to replace Slovnaft's seven existing ageing polyethylene (PE) lines, and increase polymer output by 42,000 tonnes/year.
In another step towards realising the project, Slovnaft has appointed Germany-based TALKE to handle the logistics infrastructure side of the investment.
In December 2011, Slovnaft hired Italy-based process engineering firm Maire Tecnimont to provide the technology for LDPE 4.
In tandem with the LDPE 4 investment, Slovnaft is spending €100m on reconstructing its 210,000 tonne/year ethylene plant.
Slovnaft's owner, Hungarian oil, gas and petrochemicals group MOL, in July last year announced that the European Bank for Reconstruction and Development (EBRD) had agreed a $150m, eight-and-a-half-year loan deal to help finance petrochemical capital expenditure at Slovnaft.
The EBRD loan would be utilised by Slovnaft in the LDPE 4 and ethylene investment budgets, MOL said.
($1 = €0.75)
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