Grupa Azoty announced that as a result of talks and arrangements with banks, on June 14 this year. Grupa Azoty Polyolefins signed another agreement amending the stabilization agreement of December 15, 2023, regarding financing of the Polimery Police project. The parties agreed on the conditions under which financial institutions will finance the project in the next period of validity of the stabilization agreement, i.e. until July 31 this year. The amending agreement was signed with 15 financing institutions, Grupa Azoty announced in a press release.
The company noted that it was also agreed that the payment by Grupa Azoty and its subsidiary, Grupa Azoty Zakłady Chemiczne Police, of the remaining amount of the supporting loan to the subsidiary (Grupa Azoty Polyolefins – PAP) up to EUR 105 million (upper limit) will take place no later than on July 31, 2024
Progress in the Polimery Police project: production and testing of polypropylene
“Polimery Police Project is currently at the production stage as part of the commissioning and tests of guaranteed parameters on all installations of the Project, in May we produced the 100,000th tonne of polypropylene. We are approaching the Integrity Test and taking over the installation from the General Contractor,” said Wojciech Blew, acting president of Grupa Azoty Polyolefins, quoted in the release. He emphasized that the task for the rest of the year is to effectively place products on the Polish and foreign markets while ensuring the most effective sales profitability.
Grupa Azoty also indicated that the amending agreement to the stabilization agreement was signed with the following financial institutions: Alior Bank SA, Bank Gospodarstwa Krajowego, Bank Ochrony Środowiska SA, Bank Polska Kasa Dobrze SA, BNP Paribas Bank Polska SA, European Bank for Reconstruction and Development, Haitong Bank Polska SA, ICBC Standard Bank PLC, Industrial and Commercial Bank of China (Europe) SA (Joint Stock Company) Branch in Poland, mBank SA, Powszechna Kasa Oszczedności Bank Polski SA, Powszechny Zakład Ubezpieczeń SA, Powszechny Zakład Ubezpieczeń na Życie SA, PZU Fundusz Inwestycyjny Closed Non-Public Assets BIS 2 and Santander Bank Polska SA
Banks involved in financing the Polimery Police project
The Polimery Police project is a new chemical complex of the Azoty Group based on the Oleflex UOP technology – production of polymer-quality propylene using the propane dehydrogenation method (PDH) and the Unipol GRACE technology – production of polypropylene. The technologies used ensure, among others: low consumption of raw materials and energy.
Technologies used in the Polimery Police chemical complex
Grupa Azoty is the second largest producer of nitrogen and compound fertilizers in the EU. It is the only melamine producer in Poland. It also produces products such as polyamide, OXO alcohols, plasticizers and titanium white. Grupa Azoty is a joint-stock company in which the State Treasury owns 33%. shares.(PAP)
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