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A Hyundai Engineering Co. consortium has been selected as the preferred bidder for a US$2.4 billion project to utilize naphtha from a petrochemical complex in Poland to be used in the production of ethylene.
The proposed deal was signed by Hyundai Engineering with Polish state-run refiner PKN Orlen and Spanish engineering firm Tecnicas Reunidas.
Hyundai Engineering has a 55 percent stake in the project, while the rest belongs to Tecnicas Reunidas.
The yet-to-be-built plant will have an annual production capacity of 740,000 tons of ethylene.
Hyundai Engineering is unsure when the consortium can sign a formal contract with PKN Orlen.
