The EFRA project was a major investment project for Grupa Lotos and a continuation of the refinery technology modernization initiated under the 10+ programme.
Lotus Asphalt intends to make early voluntary repayment of all debt arising from the loans to finance the EFRA project. It’s about $223 million.
– Repayment is an element of debt optimization within the company’s capital pool and will eventually make it possible to reduce the average cost of financing (after signing a new target agreement for external financing by Lotos Asfalt) and implement the necessary reorganization measures to implement an agreed model of remedial measures in operation Connections with Polski Koncern Naftowy Orlen – We read in the Grupa Lotos ad.
Preparations for the merger with PKN Orlen
As a result, this will also result in the release of the collateral created in connection with the EFRA loan in the form of, inter alia, the upper limit of the mortgage on the Lotos Asfalt Equity Real estateIn addition to the undertakings registered on: the collection of all things and rights belonging to Lotos Asfalt, stocks and receivables from bank accounts and Lotos Asfalt shares owned by the Lotos Group In addition, the termination of the conditional loan agreement granted to Lotos Asfalt by Grupa Lotos will be subject to termination.
Gdansk refinery upgrade
The cost of the EFRA project implemented in 2015-2019 is approx. 2.3 billion PLN. The EFRA project is a continuation of the technological process of modernization of refineries and improvement of the crude oil processing chain started under the Great 10+ Program, which increased the productivity of refineries through 4.5 million tons annually. EFRA will significantly increase the depth of crude oil processing, which will allow production of approx. 900 tys. is yours High-margin fuel and 300 tys. is yours Coke.
The main EFRA project installation – the DCU (Delayed Coke) installation – is ready for commissioning, which means it is ready for testing and testing by its user – Lotos Asfalt. Earlier, Grupa Lotos three times reported delays in implementing its largest investment in recent years. Originally, all EFRA project facilities were scheduled to be operational in the second quarter of 2018.