Glimar lands funds for hydrogen project

By : Bogda Zukowska

   Rafineria Nafty Glimar, a refinery based in Gorlice, has been granted a O12.1 million loan from Bank Przemyslowo-Handlowy (BPH) and Hypovereinsbank, BPH's parent company, to finance a new hydrogen-processing facility. The cost of the project is estimated at zl. 400 million ($97.5 million).

   The new plant will allow Glimar to offer a range of crude oil-processing products for domestic and export markets. Although the refinery has been earmarked for privatization, it is not expected to happen before the hydrogen project has been completed in 2002-2003. Glimar is a supplier of fuels and lubricants in southeastern Poland.