Polish, Korean firms to join forces in polypropylene production

Tomasz Gzell/PAP

Poland's chemical firm Grupa Azoty has asked the country's anti-trust regulator UOKiK to approve the construction of installations for polypropylene production by a group comprising Azoty and its one Polish and two South Korean partners, UOKiK said on Monday.

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 aim of the undertaking is the construction "of a number of installations which will be used jointly for polypropylene production," UOKiK said in a statement.

PAP was told at the UOKiK's press office that the "case is underway" and a decision can be expected "in a few months' time."

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 PLN 1.4 bln (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).