Azoty increases Hyundai Engineering payment by 73 million euro

The Management Board of Grupa Azoty Polyolefins adopted a resolution on the conditional conclusion of an annex to the contract for the implementation of the Polimery Police project. The annex provides increasing the contractor’s remuneration, Hyundai Engineering, by EUR 72.48 million and extending the project implementation schedule by 6 months, the Grupa Azoty Group announced.

As stated, the conclusion of Annex No. 3 will not exceed the budget of the Polimery Police project, and the increase in the contractor’s remuneration will be financed from the design reserve.

The Grupa Azoty Group announced in a press release that the negotiated terms had received a positive opinion from financing entities and institutions and their advisers.

At the same time, Grupa Azoty indicated that the conclusion of the annex was conditional and conditional on obtaining the appropriate approvals from the subsidiary’s corporate bodies. The approval of the General Meeting of Grupa Azoty Polyolefins is required.

“The decisions made bring us closer to the end of the difficult negotiation process and the formal confirmation of the agreement reached. The proposed changes submitted by the general contractor have shown how demanding 2021 was. In this context, the material progress achieved in 2021, which amounts to 83%, is pleased.” – said Andrzej Niewiński, president of Grupa Azoty Polyolefins.

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