POLAND: Hyundai Engineering invests in Poland's polypropylene plant
Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Monday (1 June 2020) it has signed a deal with three business partners to invest a combined USD 733.3 million in a polypropylene plant in Poland.
Of the planned investment, Hyundai Engineering and South Korea's state-run Korea Overseas Infrastructure & Urban Development Corp. will invest a combined USD 130 million, Hyundai Engineering said, without elaborating on its own investment and its stake in the project. The two other partners are Poland's biggest chemical group Grupa Azoty and Poland's major oil refiner Lotos.
The deal signed Friday (29 May 2020) came more than two weeks after Hyundai Engineering clinched a USD 1.12 billion deal to build a polypropylene plant and relevant infrastructure in Police, a town located about 460 kilometers northwest of Warsaw. The plant will have a production capacity of 400,000 t/y of polypropylene.
Source: Yonhap News Agency, Seoul; 1 June 2020
(Syed Rashid Ali, Karachi, Pakistan)