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EBRD signs first petrochemical project in the Slovak Republic
The Slovakian petrochemical industry will receive a DM 15 million loan from the European Bank for Reconstruction and Development (EBRD). The loan is to Sloveca, a joint venture formed by Enichem Augusta, a subsidiary of the Italian ENI Group (51%), Novacke Chemicke Zavody, a Slovak state-owned chemical complex (33%), and Slovnaft, a major state-owned petrochemical and refining enterprise in the Slovak Republic (16%).
The total project cost is DM 28.1 million. The proceeds of the loan will be used to build an advanced ethoxylation plant within Novacke's existing complex site, located in Bratislava. With a capacity of 30,000 metric tons a year, it will replace the current plant, increasing production capacity by 50%. The new plant will produce a variety of chemicals (non-ionic surfactants) used primarily by the detergents industry. Other users are the textile and food industries.
Mr. Salvatore Luciano, President of Enichem Augusta, said: "We are confident that, with the new plant, all the necessary conditions are in place to ensure that the joint venture will reach its objectives. The constructive approach and skills of the Slovak managers and technical personnel involved are to be commended. On this basis, we are very confident that Sloveca will be a success and play a significant role in the Central European market of non-ionic surfactants".
Ron Freeman, EBRD's First Vice President, added: "With the EBRD loan and the joint venture partners' investment and extensive experience, Sloveca can become competitive and profitable in both its domestic and international markets. The new plant will be highly efficient and environmentally safe, producing an improved product able to meet the changing demands of local and foreign customers."
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