Slovnaft built LDPE plant of ?300m investment |
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LONDON (ICIS)
-- Slovnaft is to realise a ?300m ($405m) investment programme that will include
the construction of a 220,000 tonne/year low density polyethylene (LDPE)
installation and the reconstruction of the company’s 210,000 tonne/year ethylene
plant, the Slovak producer said on Thursday.
“Due to modern technologies,
the new production unit, LDPE 4, will not only be able to replace all seven of
our polyethylene [PE] production lines, it will also ensure an increase in
polymer production by 42,000 tonnes/year [from the present 178,000
tonnes/year],” said Ivan Dezd, the director of Slovnaft Petrochemicals.
“The
construction of the new installation is a key investment for the whole plastics
market in central Europe and will ensure a long-term sustainable competitive
advantage for our company,” he added.
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“The economic crisis also affects our company but we do not regard reducing
manufacturing activities and employment as the rational solution,” said Oszkar
Vilagi, CEO of Slovnaft, which is owned by Hungary’sMOL Group.
“We orientate
our business philosophy to social responsibility in this region,” he
added.
LDPE 4, due to be in operation by November 2015 after two years of
construction work, would produce 30 types of PE, enabling Slovnaft to pursue new
customers throughout the EU, Slovnaft added.
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The reconstruction of the ethylene unit would start next year,
the company added.
Proven German technology would be used for LDPE 4,
Slovnaft said, adding that the investment programme would include ?150m to
modernise the company’s heat plant and aim at reducing power consumption in the
production of PE by 5%.
Between 500 and 1,000 people would be employed in
rolling out the investment project, Slovnaft
added.
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