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Korean-Polish venture gets EBRD funds for plastics plant
SK Eurochem will establish a new PET factory in Wloclawek
The EBRD is lending €15 million and taking a €3.3 million equity stake to
support the construction of a new PET resin manufacturing facility in
Wloclawek, Poland. PET is a form of polyester used in the manufacturing of
pre-forms for bottles, typically for mineral water and carbonated soft drinks.
The greenfield investment will be operated by SK Eurochem Sp. z o.o., a joint
venture between Korea's SK Chemicals Co. Ltd. and SK Global Co. Ltd. - both
part of the SK group of Korea - and Poland's Anwil S.A. The SK group is one of
Korea's leading chaebols, or industrial groups, and SK Chemicals is a major
global PET producer.
The project is the first significant new investment in Poland by a Korean
group for many years, and the transfer of skills and know-how to the Polish
chemical sector is expected to have a strong demonstration effect in the
Wloclawek region.
EBRD Vice President Hanna Gronkiewicz-Waltz said the project is particularly
important because Poland's chemical sector has attracted little new investment
and is in need of substantial investment and modern technology to make it
internationally competitive. Moreover, as the PET product is to be exported to
other countries of central and eastern Europe, it is expected to have a
positive impact on Poland's foreign trade balance.
Ms Gronkiewicz-Waltz added that the EBRD, which played the leading role in
structuring and arranging the financing, looks forward to working closely with
the Export-Import Bank of Korea and the two local commercial banks that are
expected to conclude parallel loans to the project. The arrangement of the
loan financing for the project has been very successful. It has achieved the
longest tenor - eight years - for a syndicated project finance loan involving
a greenfield investment in the chemical sector anywhere in the region.
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