Competition watchdog okays Polish-Korean chemical venture

Rafał Guz/PAP

The Office of Competition and Consumer Protection (UOKiK) has approved the establishment of a special purpose company by Poland's chemical conglomerate Grupa Azoty and its three partners, including two South Korean firms, Azoty said in a statement.

Petroleum company Lotos is the other Polish firm in the project, while Hyundai Engineering and Korea Overseas Infrastructure & Urban Development Corporation (KIND) are the two South Korean partners.

The four companies will create Grupa Azoty Polyolefins, a company that will construct installations for polypropylene production.

In September, Azoty reported it had signed deals with Hyundai Engineering and KIND, whereby the two Asian firms undertook to invest a total sum of USD 130 mln in Azoty's Polimery Police polypropylene project.

Azoty declared to invest USD 365 mln.

Polimery Police is Azoty's biggest investment project. The installation is to produce 437,000 tonnes of polypropylene a year. The project's total budget is EUR 1.52 bln (USD 1.70 bln).