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TVK inaugurates Ft 110 bln expansion

Prime Minister Ferenc Gyurcsány inaugurated chemical company TVK Rt's olefin-2 plant and its high-density polyethylene (HDPE) plant at a ceremony yesterday, Népszabadság reported. "It is as if TVK has been reborn," Gyurcsány said of the Ft 110 billion project. The investment, completed after three years, gives TVK capacity to produce 600,000 tons of ethylene, 250,000 tons more than before, and raises its polyethylene capacity by 200,000 tons to 530,000 tons. The new olefin plant uses technology made by Linde. TVK already uses Linde technology in its olefin-1 plant. The HDPE plant is outfitted by Mitsui. TVK financed the project partly from its own resources and partly from a Euro 280 million loan organized by Deutsche Bank. MOL directly and indirectly holds 52.3% of TVK.