EIB LENDS EURO 73 MILLION TO GREEK PETROCHEMICAL COMPANY.
The European Investment Bank (EIB) is lending Euro 73 million to the Hellenic Petroleum S.A. (HEPE), Greece's leading oil refiner and petrochemichals producer, for the construction of the country's first polypropylene production facility, at Aspropyrgos (near Athens) and Salonika. HEPE, whose 77% of share capital is held by the Hellenic Republic, was created following the 1998 merger between ELDA S.A., operator of the Aspropyrgos refinery near Athens, and EKO S.A., operator of the Salonika refinery and petrochemicals plant. The turnkey project concerns the design, construction and operation of two vertically integrated units: the first is a splitter unit to recover and purify propylene from the Aspropyrgos waste gas stream, and the second is a new polypropylene plant, located at HEPE's site in Salonika. Upon completion in year 2001, the plant will produce polypropylene, used in a wide range of applications in packaging, household goods, electrical appliances, fibres and in the automotive industry. With environmental aspects With environmental aspects being considered, following a detailed environmental impact assessment study, the plant's production will help satisfy 50% of the domestic demand, currently entirely met through imports, three years after commissioning.
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|Date:||Nov 26, 1999|
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