A proposal for the establishment of a special purpose company by Polish chemical conglomerate Grupa Azoty, oil company Lotos, and two South Korean partner firms has been approved by Poland's Office of Competition and Consumer Protection (UOKiK), Azoty has said in a press release.
Photo: Grupa Azoty
The two South Korean partners are Hyundai Engineering and Korea Overseas Infrastructure & Urban Development Corporation (KIND).
The coalition of the four partner firms will form a new company - Grupa Azoty Polyolefins - which will construct installations for polypropylene production.
Polypropylene (PP) is a rigid and crystalline thermoplastic. Its chemical resistance and weldability make used widely in everyday objects like packaging trays, household products, battery cases, and medical devices.
is a thermoplastic “addition polymer” that is made from a combination of propylene monomers. Its chemical resistance and weldability make it useful in a range of applications including product packaging, plastic components for various industrial sectors including the automotive industry, special devices like living hinges, and textiles.
In September, Azoty reported it had signed deals with Hyundai Engineering and KIND, with the two Korean companies agreeing to invest a total of $130-million (€119.2-million) in Azoty's Polimery Police polypropylene project.
Azoty has stated it will invest $365-million (€334.7-million).
Polimery Police is Azoty's largest investment project and is set to produce 437,000 tonnes of polypropylene a year. The total budget of the project is €1.52-billion.
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