MOSCOW (MRC) -- Group "KMG International N.V." (which includes Rompetrol Rafinare and Rompetrol Well Services) takes note of the recent publications in the Polish and Romanian media regarding the interest shown by Polski Koncern Naftowy Orlen SA (PKN Orlen) and Chimcomplex (CHOB) in regarding the business of "KMG International", said the company.
From time to time, the KMG International Group conducts discussions with various parties regarding potential deals and / or cooperation regarding various development opportunities, to the extent that such cooperation is capable of bringing additional value or synergy to the activities of KMG International.
At the moment, no deal is in the final stage and there is no certainty that there will be any deal with any potential partner.
As per MRC, PKN Orlen says it has signed a final contract with Hyundai Engineering and Tecnicas Reunidas for the engineering and construction of the main units for PKN Orlen's previously announced Olefins Complex III project at Plock, Poland. The project is due for completion in 2024. Following production launch, scheduled for early 2025, the share of crude oil used to manufacture petrochemical products in Plock will rise from 14% to 19%. This is all the more important given an expected drop in demand for refinery products and an expected increase, by as much as 80%, in demand for high-margin petrochemicals by 2050.
As per MRC, ORLEN Unipetrol (part of PKN Orlen), a large Czech manufacturer of petrochemical products, lifted force majeure circumstances on the supply of products from a polypropylene (PP) plant in Litvinov (Czech Republic) on June 22. Force majeure at this enterprise with a capacity of 345 thousand tons of PP per year was announced on May 28 of this year, and the plant was closed on May 25 due to a serious technical failure in the operation of the reactor and as a safety measure.
Polski Koncern Naftowy Orlen S.A. (PKN Orlen) is the largest Polish oil and gas company and one of the largest oil and gas companies in Europe. In Plock, the nominal capacity of the polypropylene (PP) line is 400 thousand tons per year. PKN Orlen owns a majority stake (63%) of the Czech polyolefin manufacturer Unipetrol. In addition, the largest Czech chemical manufacturer Spolana is also part of the Polish PKN Orlen group. The enterprise produces PVC, caprolactam, sulfuric acid, mineral fertilizers.
MRC