As set forth in the Board of Directors resolution of our Company dated 13/12/2024,
Our Company aims to fulfil a new project which entails the establishment of new process units (mixed feed steam cracker, polypropylene, high density/linear low density polyethylene) and the modernization of the existing aromatics complex, phthalic anhydride, low density polyethylene units and utilities (hereinafter referred to as the "Master Plan") provided that all required approvals are obtained following the finalization of the below mentioned analysis process.
In this respect, our Company has completed an initial feasibility study and now intends to move to the Pre-FEED (Preliminary Front-End Engineering and Design) and later to the FEED (Front-End Engineering and Design) phase to conduct a detailed technical and commercial analysis of the Master Plan.
Our Company also intends to work on (i) assessing project structure, (ii) evaluating a range of financing and legal alternatives (iii) determining the necessary steps (including investment/financing) and (iv) making studies on the same for the realization of the Master Plan. Following the completion of the abovementioned studies and assessment, the final decision on the Master Plan investment will subsequently be submitted to the approval of the Board of Directors and other related authorities.
In this regard, our Board of Directors has resolved:
1. To make detailed studies to determine the technical, legal, financial structure to accomplish the Master Plan project, to evaluate various alternatives in this respect, to obtain consultancy services including project management, financial, legal and other services in this regard, and to sign necessary agreements with the relevant companies in this regard;
2. commission certain engineering studies including Pre-FEED and FEED; to initiate various technical transactions in relation to Master Plan preliminary steps; and to sign necessary agreements with the relevant companies in this regard;
3. evaluate the status of our Company's facilities of Chlorine Alkali, MEG, VCM, PTA (in terms of the various alternatives) as per the above assessments, and as a consequence of such evaluation, to assess various options including assigning the employees working in the relevant facilities in other duties, and to evaluate various options including transferring the existing equipment and spare parts to the other facilities or selling the same;
4. To identify necessary official permits and other applications that need to be made within the scope of Master Plan
5. To submit to the approval of the Board of Directors and other related authorities for the final decision regarding the Master Plan investment following the completion of the abovementioned studies and assessments.
Significant developments on the matter will be shared with our investors.
