Gdańsk Refinery investment passed by offset committee

A project to construct an Integrated Gasification Combined Cycle (IGCC) system at the Gdańsk Refinery (RG) has been accepted as part of the F-16 offset program. The investment, worth around $540 million, will allow the company to conform to EU quality standards to come into force after 2005. Companies interested in the investment include Shell and America's Kellogg. The value of orders is estimated at around euro 350 million and the Internal Rate of Return of the project is expected to amount to 15% -17%. Bank Ochrony Środowiska (BOŚ), the National Fund for Environmental Protection and Water Management (NFOŚiGW) and Ekofundusz have declared their interest in helping to finance the project. The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EBI) will also grant loans for the successful completion of the investment. (Parkiet, p. 4) A.K.