Mateusz Marek/PAP

Polish oil company PKN Orlen will build a new production facility in one of the “largest investment” projects in petrochemicals this century.

The Olefin III installation, which will be built at the PKN Orlen refinery near the central town of Plock, will come with a price tag of about PLN 13.5 billion (EUR 3 billion), Orlen’s CEO announced.

“Today is the day of the largest (petrochemical – PAP) investment of the 21st century in Europe, Daniel Obajtek told a Monday press conference.

Construction should be finished by 2024, while production is scheduled to start in 2025.

The plant will cover an area of 100 hectares, and will provide jobs for 10,000 people.

“The investment will balance imports and provide security in many petrochemical industries… and will provide us with stability, including price stability,” Obajtek said.

PKN Orlen expects a PLN-1 billion (EUR 223 million) boost to annual EBITDA from the project.

The investment is a part of the company’s development programme announced in 2018.