PKN Orlen makes headway in hiving off PVC and fertilisers subsidiary

09-Nov-09
PKN Orlen is currently Eastern Europe’s largest PVC producer. A debt ridden PKN Orlen, had announced last year, a decision to sell off several non core subsidiaries as part of a revised strategy for the period up to 2013. PKN Orlen had issued information about the Anwil disposal to interested parties from chemical sector as well as financial groups. The Polish oil refiner and petrochemicals group has made progress in hiving off its PVC and fertilisers subsidiary Anwil after receiving enquiries from 10 potential bidders. As part of its major restructuring plan, enforced by the global economic crisis, PKN Orlen has decided to cut back on its annual investment plans and increase its operating efficiency. Even so, the group is continuing with several major expansion schemes, including the construction of a 400,000 tpa plant to produce paraxylene and PTA (purified terephthalic acid) scheduled for completion in H2-2010.
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