The EBRD is providing a loan up to US$ 150 million to MOL Group, one of Central Europe’s leading oil and gas companies to finance energy efficiency and environmental improvement investments in MOL Group’s Slovakian member, Slovnaft Group. The Bank’s loan will be used to finance capital expenditures to install a new LDPE unit and upgrade the steam cracker at the site of MOL Group’s Slovakian member, Slovnaft Group, and it will assist MOL Group in its strategic shift towards less energy intense downstream products, to diversify its petrochemical product portfolio, and to reduce air emissions and minimise the use of resources (water and energy).
The project is expected to demonstrate successful energy and environmental improvements that go beyond baseline standards in the industry, with a petrochemical facility exceeding Best Available Technique (BAT), becoming one of the 10% least carbon intensive in EU, exceeding requirements of the EU Industrial Emissions Directive ahead of the deadline and introducing an integrated energy and management system at the level of the refinery and petrochemical complex.
MOL Group is one of Central Europe’s leading oil and gas companies. The project will be implemented in Slovnaft – MOL Group’s integrated refinery & petrochemical plants in Slovakia.
Up to US$ 150 million unsecured senior loan.
The expected costs for the Project amount to €310 million.
Categorised B. The independent environmental and social due diligence identified that the new LDPE unit and upgraded steam cracker are structured to meet Industrial Emissions Directive, and technical design and proposed technology incorporate all applicable Best Available Techniques. Slovnaft Group has implemented and is completing a number of investments at existing installations to meet IED Directive. The new Flue Gas Desulphurization (FGD) unit allows to decrease the emission of SO2 by 80 per cent and complies with the legislation which will come into force in 2016. The new systems are to be commissioned and tested in 2012 with full scale operation expected in 2013. Also, the site completed the installation of low NOx burner technology for the cracker furnaces in 2008. An Environmental and Social Plan containing required actions for issues identified during the ESDD has been developed and agreed with the Client. The ESAP contains actions aimed at identifying and preventing potential sources of contamination on site, expanding existing asbestos management activities, reviewing arrangements for the disposal of effluent and firewater and improving stakeholder engagement activities. Slovnaft will submit annual environmental and social reports in a format and scope satisfactory to the Bank.
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