Translated version of this PSD: Turkish
Project description and objectives
The EBRD is considering providing €50 million long-term loan to Aksa Akrilik Kimya Sanayi A.Ş. (“Aksa”), Turkish manufacturer of acrylic fibre, to finance a series of environmental, health and safety, resource efficiency and new product investments at the company’s manufacturing facility in Yalova, in northwestern Turkey.
The project’s main transition impacts are expected to derive from the following two sources:
Setting standards of corporate governance and business conduct: The project will set environmental, health and safety (“EHS”) standards as the company plans to upgrade the plant’s EHS practices to meet EU Seveso II Directive aimed at safeguarding sites containing large quantities of hazardous and dangerous substances.
Expansion of competitive market interactions in other sectors: With the project, the company will construct a “common wastewater treatment facility” to treat and recycle effluent water. This will consequently help the company and the neighbouring businesses to reduce wastewater discharge and increase the amount of recycled water, demonstrating sustainable solutions to address the issue of water scarcity in the region.
Aksa Akrilik Kimya Sanayi A.Ş. is incorporated in Turkey for production and sales of acrylic fibre. Akkök Sanayi Yatırım ve Geliştirme A.Ş. has 39.5% stake in the company, whereas 41.7% of shares are publicly traded on Borsa Istanbul.
€50 million long-term loan.
Total project cost
Environmental and social categorisation, impact, and mitigation
The project has been categorised B in accordance with the Bank’s 2008 Environmental and Social Policy. Environmental and Social (E&S) due diligence was undertaken by the Bank in parallel with monitoring of the existing investments with the company.
Detailed due diligence undertaken by an independent consulting firm was completed in 2011 and an E&S Action Plan (ESAP) was developed at that time. Since the Bank’s initial investment in 2011 the company has shown good commitment to E&S stewardship and implementation of the Bank’s performance requirements. As such E&S due diligence 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 current capex plan being considered for financing.
The capex programme under consideration has significant potential E&S benefits, particularly in relation to implementation of safety upgrades in line with the requirements of the EU Seveso Directive. As a result of the EBRD’s relationship with the company, Aksa is now at a stage where they are willing implement these measures ahead of regulatory schedule and will be one of only two companies to achieve Seveso compliance before it becomes mandatory.
In addition to the safety upgrades proposed, the initiative to develop a waste water treatment plant (WWTP) to treat and dispose of industrial effluent from the company facility as well as neighbouring facilities will result in a net positive impact to the receiving body.
A new ESAP has been developed for this project alongside the existing 2011 ESAP. The two will be monitored concurrently. The new ESAP envisages among others a third party to verify that the Seveso upgrade is compliant with EU standards and that the WWTP meets EU water quality standards, exceeding Turkish requirements.
Aksa Akrilik Kimya Sanayi A.S
Miralay Sefik Bey Sk. Ak-Han No:15
Tel: +90 212 251 4500
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