European Investors to Come to “Polymir”

“Basell” company from Germany made a suggestion to create a joint venture company with Belarusian Navapolatsk-based “Polymir”.

This suggestion has been the result of a visit in Germany of Aliaksandr Shamashou, the general manager of “Polymir”. During the visit the head of the Navapolatsk-based company had a series of negotiations about partnership in the sphere of investments and new technologies.

“Foreign colleagues are willing to work with us and ready to invest significant money in modernization of “Polymir”. But before the final conclusion is made it is necessary to analyze all the suggestions and to choose the best variant. The government will discuss building of a new chemical complex in March”, Aliaksandr Shamashou claimed.

So far, mostly Russian companies were named among potential investors of Belarusian petrochemical companies. In particular, “Lukoil” that already has a joint venture company with “Naftan” and that expressed interest to buy stocks of both “Naftan” and “Polymir”.

“Polymir” produces artificial fiber and exports its products to 28 countries of the world, including EU. But it is becoming more and more difficult to stand competition on world’s market as a lot of equipment at Navapolatsk-based company is very old.

The company has a program of reconstruction, but some experts say it would not solve the problem. There is a need for building a new complex, but the company lacks money for large investment projects. So there is a need of investment either from the state, that owns almost 100% of stocks, or from some outer investor.

Nevertheless, Belarusian government officials still claim there are no exact plans for bringing in investors to petrochemical companies so far. In particular, Aleh Melnikau, a deputy minister of economy, said so at the end of 2007.

Andrei Aliaksandrau
[email protected]