More
Search
Grupa Kapitałowa Grupa Azoty
Choose a company
Grupa Azoty Polyolefins and Financial Institutions Extend Financing for  the Polimery Police Project
01.10.2024
Grupa Azoty Polyolefins and Financial Institutions Extend Financing for the Polimery Police Project

Following discussions and negotiations with banks, Grupa Azoty Polyolefins has signed an Amendment to the Stabilization Agreement dated December 15, 2023, related to the financing of the Polimery Police project. This agreement, which extends financing terms until October 31, was signed with 15 financial institutions.

The parties also agreed that Grupa Azoty S.A. and Grupa Azoty Police will contribute the remaining balance of the support loan to the subsidiary, up to EUR 105 million, by October 30, 2024.

The Polimery Police project is currently in an intensive phase of installation handover from the General Contractor. On July 31, the company approved Conditional Provisional Acceptance protocols for both the Polypropylene Installation and the Storage and Transshipment Terminal subprojects. This conditional procedure was introduced to expedite the process of transferring the Polimery Police project to commercial operation.

Negotiations are ongoing to amend the EPC Agreement, which will establish the final acceptance of the Integrity Test, define the settlement terms for the Polimery Police project, and outline the parties' rights and obligations following the construction phase. Production of propylene and polypropylene, along with capacity expansion, remains on schedule. In May, Grupa Azoty Polyolefins produced its 100,000th ton of polypropylene and currently produces 700–800 tons daily, with ongoing logistics, packaging, and distribution under the Gryfilen® brand.

The General Contractor is comprehensively responsible for executing the Polimery Police project under the EPC Agreement, with project completion contingent on achieving and maintaining the Guaranteed Parameters specified in the license agreements for the propylene (PDH) and polypropylene (PP) installations.

The Amendment to the Stabilization Agreement was signed on October 1 with the following financial institutions: Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Ochrony Środowiska S.A., Bank Polska Kasa Opieki S.A., BNP Paribas Bank Polska S.A., European Bank for Reconstruction and Development, Haitong Bank Polska S.A., ICBC Standard Bank PLC, Industrial and Commercial Bank of China (Europe) S.A., mBank S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A., PZU Closed Investment Fund of Non-Public Assets BIS 2, and Santander Bank Polska S.A.

Category
Application
Full offer
Search