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On 13 October 2025, Grupa Azoty Polyolefins received a letter from Bank Polska Kasa Opieki S.A., acting on behalf of the financial institutions funding the Polimery Police Project, regarding the offset-based debit of approximately EUR 76.8 million from the company’s account. The funds represent proceeds previously obtained under performance guarantees and were used to repay outstanding financial liabilities.
‘The banks’ decision does not change Grupa Azoty’s approach to the Polyolefins restructuring process. In the current situation, we will focus on discussions with ORLEN to implement a long-term plan for the Project,’ said Andrzej Skolmowski, President of the Management Board of Grupa Azoty S.A. ‘At the same time, Grupa Azoty will continue negotiations with the financing institutions to utilise the remaining guarantee funds to cover the company’s ongoing needs,’ he added.
The obligations enforced by the financial institutions stem from the financing agreement for the Polimery Police investment project, concluded between Grupa Azoty Polyolefins S.A. and the following 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. – Polish Branch, mBank S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A., PZU Closed-End Non-Public Assets Investment Fund BIS 2, and Santander Bank Polska S.A. The company previously disclosed this agreement in Current Report No. 23/2020 of 31 May 2020.
As reported by Grupa Azoty in Current Report No. 58/2025 of 9 August 2025, the subsidiary Grupa Azoty Polyolefins had received more than EUR 107.5 million under performance guarantees related to the improper execution of the Polimery Police project contract.
Earlier, in Current Report No. 55/2025 of 1 August 2025, the company announced that, following the failure to reach an agreement on mutual claims, Grupa Azoty Polyolefins decided to impose liquidated damages for delay, pursuant to the EPC contract clause, amounting to EUR 111.8 million. The project contractor was Hyundai Engineering Co., Ltd.