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MOL takes €120 million loan from EBRD for Slovnaft investment

The Hungarian-based oil refiner MOL signed a contract with the European Bank for Reconstruction and Development (EBRD) on July 3 for loan of $150 million (€120 million) over an 8-year term with a view to construct new facilities at the Slovnaft refinery near Bratislava, Slovnaft spokesman Anton Molnár informed the TASR newswire. The loan will be used to finance capital expenditures linked to the construction of a new polyethylene unit and the reconstruction of the ethylene unit at Slovnaft, a subsidiary of the MOL Group.

The Hungarian-based oil refiner MOL signed a contract with the European Bank for Reconstruction and Development (EBRD) on July 3 for loan of $150 million (€120 million) over an 8-year term with a view to construct new facilities at the Slovnaft refinery near Bratislava, Slovnaft spokesman Anton Molnár informed the TASR newswire.

The loan will be used to finance capital expenditures linked to the construction of a new polyethylene unit and the reconstruction of the ethylene unit at Slovnaft, a subsidiary of the MOL Group.

It was announced last week that Slovnaft and a consortium of Tecnimont (Italy) and Tecnimont Planung and Industrieanlagenbau (Germany) had signed a contract to build a new polyethylene unit costing €204 million. This will increase polyethylene production capacity at Slovnaft by around 40,000 tonnes to 220,000 tonnes. The construction work is due to start in 2013 and production should begin in 2015.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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