German soda plants Sodawerk Stassfurt belonging to Ciech Group have finalised tenancy agreement of the heat and power plant supplying them with process steam and electric energy. Owing to taking operating surveillance over the heat and power plant EBIDTA Group profits will annually grow by circa 15 million Euro.
On 1st February all the conditions precedent of timeless tenancy agreement of the heat and power plant singed on 16the December 2011 by companies of Soda Deutschland Ciech and Vasa Kraftwerke-Pool were fulfilled. On the basis of the agreement, KWG Stassfurt (Kraftwerksgesellschaft Stassfurt), company of Soda Deutschland Ciech Group, shall take over managing of the heat and power plant.
– Taking over managing the heat and power plant on the company’s own account shall allow to reduce costs of acquiring process steam – one of the basic factors indispensable for soda production. Owing to this fact Sodawerk Stassfurt shall considerably reduce costs and improve competitiveness of the company’s activity – says Mr Ryszard Kunicki, head of Ciech Board.
Ciech, since taking over German soda plants, has been working on the solutions aiming at the change of the conditions of process steam supply. The agreement finishes long-term negotiations between VASA and Sodawerk Stassfurt relating to payments for supplying heat to soda plants and also terminates litigations regarding payments for supplied energy and allows to take advantage over managing the heat and power plant on the company’s own account until final repurchase of power supply company, which is expected to be finalised at the beginning of 2015.
Estimates show that a positive impact of taking operating surveillance over heat and power plant shall annually reach 15 million Euro on the EBITDA profit (circa 62,9 million PLN) and tenure shall amount to 13 million Euro (circa 54,5 million PLN).
Sodawerk Stassfurt is the main client of heat and power plant receiving circa 65% of generated energy in the form of process steam and electric energy. Heat and power plant is a modern establishment powered by natural gas, built in 1996. Applied technology, technical condition and type of fuel cause that the plant complies with the most rigorous environmental standards. After the heat and power plant had been built it was given for sale-and-lease-back to VASA Kraftwerke-Pool power distribution fund in order to, in compliance with the agreement, be taken over by KWG in 2015 as a result of the execution of repurchase obligation.
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press release download:  Ciech has finalised tenancy agreement of the heat and power plant in Germany |
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The Ciech Chemical Group is one of the leaders of the European chemical market. It comprises more than 40 companies. The Group has a well-developed production structure and business network in Poland, Europe and Asia. The main Group’s products include soda ash (second place in Europe), TDI, baking soda, salt, fertilisers, plant protection chemicals, epoxy and polyester resins and other organic chemical products used in the glassmaking, furniture, chemical, construction and agricultural industries.
With annual revenues of approximately PLN 4 billion, the Ciech Chemical Group is among the 50 largest Polish enterprises. Since February 2005 Ciech SA has been listed on the Warsaw Stock Exchange. The largest shareholders of the company include the State Treasury (38.7% of stocks and votes on General Meeting) and Pioneer Pekao Investment Management SA (10.0%), and Open Pension Fund PZU “Złota Jesień” (5.1%), ING Open Pension Fund (5.3%), Allianz Funds (5.4%).
More information at www.ciech.com. |
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Media contact:
Krzysztof Grad, Spokesman of the Ciech Chemical Group, Director of Communication Department of Ciech SA
tel. (+48 22) 639 13 18, mob. 0 669 600 011, e-mail: krzysztof.grad@ciech.com |