The agreement also stipulates that the remaining amount of the supporting loan, up to EUR 105 million, provided by the Original Sponsors, Grupa Azoty S.A. and Grupa Azoty Zakłady Chemiczne "Police" S.A., will be disbursed to the subsidiary no later than May 29, 2024.

We are preparing for the Integrity Test and taking over the installations from the General Contractor, who is performing the work according to the updated schedule. The Polimery Police project is currently in the production phase, involving startup, test operations, and guaranteed parameter tests on both the PDH (propane dehydrogenation) and PP (polypropylene) installations. Product sales under the Gryfilen® brand are conducted through direct, distribution, and trading channels in both the Polish and international markets, said Wojciech Blew, Acting President of the Management Board of Grupa Azoty Polyolefins.

The General Contractor, under the EPC contract, is comprehensively responsible for the implementation of the Polimery Police project. The completion of the project involves achieving and maintaining the Guaranteed Parameters specified, among others, in the licensing agreements for the PDH and PP installations. Achieving the Guaranteed Parameters is closely linked to conducting the Integrity Test of the entire installation.

The Amendment to the Stabilization Agreement was signed with the following financial institutions: Alior Bank S.A., Bank Gospodarstwa Krajowego, Bank Ochrony Środowiska S.A., Bank Polska Kasa Opieki S.A., BNP Paribas Bank Polska S.A., European Bank for Reconstruction and Development, Haitong Bank Polska S.A., ICBC Standard Bank PLC, Industrial and Commercial Bank of China (Europe) S.A. (Branch in Poland), mBank S.A., Powszechna Kasa Oszczędności Bank Polski S.A., Powszechny Zakład Ubezpieczeń S.A., Powszechny Zakład Ubezpieczeń na Życie S.A., PZU Closed-End Non-Public Assets Investment Fund BIS 2, and Santander Bank Polska S.A.