Poland’s oil giant Orlen has signed a contract with Hyundai Engineering and Técnicas Reunidas for the construction of the Olefin III complex at its main production factory in the Polish city of Płock — an investment of an estimated cost of PLN 13.5 bn (EUR 2.98 bn), Orlen announced.
With the signing taking place on Tuesday, Orlen stressed that the investment was part and parcel of the Petrochemistry Development Programme announced by the company in June 2018.
“The conclusion of the construction stage of the investment is planned for the Q1 of 2024, whereas the launching of the Olefin III production complex is scheduled for 2025,” Orlen wrote. According to the oil giant’s estimates, the completion of the investment will result in the rise of EBITDA (earnings before interest, taxes, depreciation and amortisation) by PLN 1 bn (EUR 220 mln) per year.
When announcing the construction in May, Orlen CEO Daniel Obajtek said that it would be the largest petrochemical investment in Europe. It was also in May that Orlen established the
special-purpose company Orlen Olefin III in the EPCC format with preferred offerers, namely, Korean Hyundai Engineering and Spanish Técnicas Reunidas.
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