Small refinery unveils ambitious development plan

Rafineria Czechowice (RCZ) wants to spend $200 million on building a new petrochemical complex. The project would be completed by the end of 2005 and could also transform the small refinery, with capacity of 500-600 tons a year, into an important producer of chemical products. The development plan was proposed by Lurgi Bipronaft, which belongs to Lurgi Oel Gas Chemie, one of the leading global companies that design chemical plants. The scheme comprises of constructing a PET facility for producing petrochemicals. Talks with several potential foreign investors have been held, but nothing concrete has arisen yet. Henryk Malesa, president of RCZ, stated that there would be no problems in finding the investment capital, although he added that the names of potential creditors and investors are confidential. RCZ holds a small, several percent share, of the national oil market. It has undergone deep restructuring over the past two years. Nafta Polska, with a 75% stake, remains its dominant shareholder. (Gazeta Wyborcza, p. 20) P.W.