Provision of a long-term A/B loan to Aksa Akrilik Kimya Sanayii A.i. ("Aksa"), the leading acrylic and technical fibre manufacturer in the world, to support the Company to undertake its medium-term investment plan.
The Project will support the Company to undertake a series of production expansion, modernization, energy efficiency, environmental and health and safety, and R&D investments in its production base in Yalova (the "Project").
The Project is in line with the Bank's Green Economy Transition Approach and represents a good opportunity for the Bank to achieve a strong transition impact in Turkey through supporting energy and resource efficiency and improved environmental performance in the manufacturing sector in Turkey. The investment plan is expected to result in energy and resource savings as well as lower CO2 emissions. The Project will also cater towards new product development and diversification, and penetration of higher value added products in the market globally, which is expected to improve the competitiveness of the chemical industry within Turkey and beyond.
AKSA AKRILIK KIMYA SANAYII AS
Aksa Akrilik Kimya Sanayi A.i. is a joint stock company incorporated in Turkey for production and sales of acrylic and technical fibre. Akkok Holding A.S. holds 39.6% stake in Aksa, while the other major shareholder in Aksa is Emniyet Ticaret ve Sanayi A.S. with 18.7% share. The remaining shares are publicly traded in Borsa Istanbul.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
The project has been Categorised B in accordance with EBRD's Environmental and Social (E&S) Policy (2014). E&S due diligence was undertaken by the Bank to confirm the proposed project could be structured to meet the Performance Requirements (PRs). Environmental and Social Due Diligence (ESDD) primarily comprised review and monitoring of the two existing projects with the same client at the same location, and an assessment of Environmental and Social Action Plan (ESAP) implementation to date as it relates to the new project under consideration. Each of the EBRD projects implemented has been within the same industrial footprint of the wider complex and a similar approach is proposed for the new project under consideration.
Detailed due diligence of the company and the operating performance of the facility was undertaken by an independent consulting firm and an E&S Action Plan was developed for the previous projects in 2011 and 2015. The ESDD for this new investment was combined with monitoring the E&S performance of the wider facility coupled with a focused assessment of the E&S impacts and benefits of the proposed capex plan being considered for financing. Monitoring of the existing projects has shown no significant issues and confirmed that the Company is committed to good E&S stewardship and implementation of the PRs and its E&S performance has been good to date. The replacement of old equipment and introducing new energy efficient process units such as solvent recovery system, polymerisation and doping unit and autoclave machines, will yield improved energy consumption and significant improvement in resource use per tonne of production. The Project is consistent with the Green Economy Transition approach.
The 2011 ESAP required the Company to undertake a number of benchmarking exercises against the PRs and relevant EU requirements including BAT and SEVESO and the 2015 ESAP developed these requirements further. The existing ESAP is sufficient to be extended into the new project to ensure that the Project is implemented in line with the PRs. The Project will be monitored by the Bank and will be subject to the usual disclosure requirements.
TC of approximately EUR 50,000 to assess current status and impact of new investment plan on the Company's energy and environmental performance, funded by the EU IPA under the Near Zero Waste programme.
Company Contact Information
90 (226) 353 25 45
Fax: +90 (226) 353 33 07
Merkez Mahallesi Yalova-Kocaeli Yolu Caddesi No: 34 Tasköprü Çiftlikköy-Yalova /Türkiye
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