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Czech Unipetrol signs licence deal for new polyethylene unit

October 07/2013

MOSCOW (MRC) - Czech downstream oil group Unipetrol has acquired technology and production rights for a new polyethylene unit and wants to pick a contractor for the project in the first half of 2014, said Reuters.

The company, after posting net losses in 2011 and 2012, laid out plans in June to invest almost USD1 billion over the next five years and make its petrochemical segment the biggest contributor to profit.

"The construction of a new polyethylene unit is a key investment project in our medium-term strategy," Chief Executive Marek Switajewski said in a statement.

"Our first task is to choose a general contractor. We hope to do it in the first half of 2014."

Unipetrol said it signed a licence agreement with chemicals group Ineos for the right to use a production process and technology for the new polyethylene unit, which will help increase utilisation of its petrochemical steam cracker.

As part of its strategy, Unipetrol wants to increase the capacity utilisation of its steam cracker unit by 13% points and increase sales of petrochemical products by 11%, to 1.4 million tonnes, by 2017. 

As MRC wrote before, Unipetrol (PKN Orlen's affiliate) expects petrochemicals to become the largest source of revenue for the company in 2013-2017. Unipetrol wants to use the favourable market conditions to reinforce its position on the petrochemical market and optimise its operations.

Unipetrol , a.s. is a group of companies operating in the petrochemical industry in the Czech Republic. In 2005 Unipetrol became a part of the PKN ORLEN Group, the largest oil processor in Central Europe. The UNIPETROL Group is oriented mostly towards oil processing, fuel distribution and petrochemical production. In all of these business areas the Unipetrol Group is among the key players both in the Czech Republic and on the Central European market. The Group ranks among the leading firms in the Czech Republic in terms of its revenues, and employs almost 4,000 people.
Author:Anna Larionova
Tags:PVC, PP, PE, Ineos Polyolefins, Unipetrol.
Category:General News
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