PKN Orlen and Basell start joint venture March 1

PKN Orlen announced yesterday that a joint venture of PKN Orlen and chemical concern Basell will start on March 1. The newly established company will be responsible for the production of polyolefines on the basis of an already existing division in PKN Orlen. The aim of the joint venture will be to increase Orlen's share on the petrochemical products market. "We are planning to conclude the transaction on February 28," read the announcement. Last year PKN Orlen signed a transaction with Basell under which they were to set up a polyolefine production company. At the beginning of February 2003, the Office for Competition and Consumer Protection (UOKiK) gave Basell Europe Holdings permission to acquire a 50% stake in Poliolefiny Polska. (onet.pl) A.Z.