Slovnaft AS (SLOVN), a Slovak refiner controlled by Mol Nyrt. (MOL), is set to unveil an investment project worth more than 300 million euros ($405 million), according to an invitation for a news conference scheduled for tomorrow.
The Bratislava, Slovakia-based company will hold a meeting with journalists about the project at 10:30 a.m. local time with Chief Executive Officer Oszkar Villagi and Ivan Dezd, the director of the petrochemical unit. Spokesman Anton Molnar declined to provide further details when contacted by phone.
Slovnaft in October last year said it was considering investing several hundred million euros in building a new petrochemical plant for products with higher added value to tap new customers such as tire makers. The project would be part of a push to boost output of non-fuel products to make Slovakia’s sole refiner less dependent on economic swings.
The investment will have “significant economic and ecological impact on the whole region,” e-mailed invitation said.
The refiner, in which Mol has more than 98 percent, posted a 30 million-euro loss in the third quarter, compared with an after-tax profit of 38 million euros a year earlier, as higher oil prices and lower petrochemical margins eroded gains from an increase in sales. The nine-month after-tax profit declined to 25 million euros from 26 million euros in the same period 2011.
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