This year the Ciech Chemical Group's total cash inflows from caverns business will amount to EUR 29,5 million.
On 5 May 2009, Sodawerk Stassfurt, a company belonging to Ciech in 100%, made an agreement with RWE Gasspeicher GmbH, a subsidiary of RWE AG. The agreement concerns the mining law associated with a part of the mining land of Stassfurter Salzsattel I and neighbouring properties. Also it covers the preparation of four caverns located there to store gas. The agreement will come into force if a consent from the local Mining Office based on the German Federal Mining Act is obtained, which is only a pure formality. The total agreement value will exceed EUR 60 million by the year of 2019. Two more caverns are to be sold, for which RWE has already gained a right of pre-emption.
Sodawerk Stassfurt was taken over by Ciech in December 2007. It is a manufacturer of soda ash and baking soda, the history of which reaches the year of 1882. This investment allowed Ciech to have large manufacturing capacities of soda, its own sources of lime stone and brine, and to have caverns, that is underground tanks left after brine. As a result of the purchase of Sodawerk Stassfurt – the second foreign plant of Ciech following Rumunian US Govora – and extension of production installations in its other soda plants, the Ciech Chemical Group is able to produce up to 2,2 million of tonnes of soda per year.
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press release download:  The profitable sale of German caverns |
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The Ciech Chemical Group is the largest chemical concern in Poland and one of the leaders in the Central European market. It includes 58 companies, and posses a well-developed production structure and commercial network both in the country and in Europe, Asia, and Latin America. The main Group’s products include soda ash (second place in Europe), salt, phosphorus and multi-component fertilizers, pesticides, epoxy and polyester resins and other organic chemical products used in the glassmaking industry, furniture and chemical industry, building industry and agriculture. With annual revenues of approximately PLN 3.8 billion, the Ciech Chemical Group is among the first fifty largest Polish enterprises. As from February 2005, Ciech SA has been listed at the Warsaw Stock Exchange. The greatest shareholders of the company include the State Treasury (36.68 percent of shares and votes at the General Meeting of Shareholders), Pioneer Pekao Investment Management SA (18.77 percent) PZU "Złota Jesień" Open Pension Fund (6.12 percent). More information are available at www.ciech.com.
Media contact: Krzysztof Grad, Spokesman of Ciech Chemical Group, Director of Communication Office of Ciech SA,
tel.: (+48 22) 639 13 18, mob.: 0 669 600 011, e-mail: krzysztof.grad@ciech.com |