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Agreements Signed on Suspension of Collective Bargaining Agreements in Three Grupa Azoty Companies. Negotiations continue at Grupa Azoty's Puławy plant.
The management boards of Grupa Azoty S.A., Grupa Azoty Police, and Grupa Azoty Kędzierzyn have signed agreements with Trade Union Organizations to suspend selected cost-intensive provisions of their Collective Bargaining Agreements (ZUZP). This marks another step in the cost restructuring process that has been underway since spring this year, in response to the financial difficulties Grupa Azoty has faced since the second half of 2022.
26.08.2024
Grupa Azoty ZAK Completes Research Agenda for the Research and Development Center for 2018-2024
Grupa Azoty ZAK has successfully concluded the research agenda set for 2018-2024 at its Research and Development Center. With this achievement, the Kędzierzyn-based company within the Grupa Azoty Group has completed the project titled "Establishment of a Research and Development Center for the Development of Highly Advanced Plastics Chemistry Substances." The research agenda comprised two key tasks that provided substantial support for the Oxoplast Segment.
20.08.2024
Grupa Azoty Aims to Play a Significant Role in Ammonia Imports to the European Union
Ammonia is one of the key raw materials used in Grupa Azoty's production processes, particularly in the fertilizer segment. It is also highly cost-intensive—both in terms of production and emissions. Importantly, producing 1 ton of ammonia requires at least 950 cubic meters of natural gas. Given the role the cost of gas plays in fertilizer production, producers are increasingly opting to cease the expensive gas-based production of ammonia in favor of importing the ready-made intermediate. Striving for cost optimization, developing a new business area using the company’s own port infrastructure, and reducing emissions are the primary reasons Grupa Azoty is interested in importing ammonia. The company plans to begin these purchases after completing a routine overhaul of the unloading system, starting in October this year.
14.08.2024
Grupa Azoty Polyolefins and Financial Institutions Extend Financing Terms for Polimery Police Project
Following successful negotiations with the banks, Grupa Azoty Polyolefins signed an Amendment Agreement on August 6 to the Stabilization Agreement dated December 15, 2023, regarding the financing of the Polimery Police project. The parties have agreed on the conditions under which the Financial Institutions will provide financing for the project during the next period of the Stabilization Agreement, which extends until August 30, 2024. The Amendment Agreement was signed with 15 Financial Institutions.
07.08.2024
Grupa Azoty Polyolefins S.A. Completes Conditional Provisional Acceptance for PP Installation Subproject and Transshipment and Storage Terminal Subproject
Grupa Azoty Polyolefins S.A. has signed bilateral protocols of Conditional Provisional Acceptance with Hyundai Engineering Co., Ltd., the General Contractor for Polimery Police, for the Polypropylene Installation subproject and the H&ST Transshipment and Storage Terminal subproject. The Conditional Provisional Acceptance procedure has been introduced to expedite the transfer of the Polimery Police project from the General Contractor to commercial operations.
31.07.2024
Notification of Termination of Temporary Management
On July 29, Grupa Azoty S.A. received a notification on behalf of Radosław Kwaśnicki regarding the loss of control over the shares of Grupa Azoty S.A. held by entities associated with Vyacheslav Kantor. This development marks the end of the temporary management established on July 11, 2023. Crucially, this follows the publication in the Official Journal of the European Union about the sanctions imposed on Vyacheslav Kantor on April 8, 2022, and the national sanctions imposed on April 25, 2022, affecting Vyacheslav Kantor and his associated entities: Norica Holding S.a.r.l. (Luxembourg), Opansa Enterprises Limited (Cyprus), and Rainbee Holdings Limited (Cyprus), which collectively hold 19.82% of Grupa Azoty S.A.'s shares. The sanctions include the freezing of financial assets, including the shares of Grupa Azoty S.A. owned by Kantor's associated entities. This freeze has restricted all corporate and property rights of these entities as shareholders since April 25, 2022. Importantly, the termination of temporary management does not affect Grupa Azoty's operations or its relationships with trade partners in various countries.
30.07.2024
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