Brief: Grupa Azoty Unit Withdraws From EPC Agreement With Hyundai Engineering Regarding Polimery Police Project

Grupa Azoty SA

18/08/2025 06:47

Aug 18 (Reuters) - Grupa Azoty SA ATTP.WA:

SAID ON THURSDAY ITS UNIT GRUPA AZOTY POLYOLEFINS HAS WITHDRAWN FROM POLIMERY POLICE PROJECT EPC AGREEMENT WITH HYUNDAI ENGINEERING (CONTRACTOR)

WITHDRAWAL DUE TO DELAYS IN RECEIPT OF KEY MILESTONES, FAILURE TO SUCCESSFULLY COMPLETE TEST RUNS ON TIME, REACHING THE LIMIT OF CONTRACTUAL PENALTIES CHARGED FOR DELAY AND FAILURE TO REACH AGREEMENT ON PARTIES' COUNTERCLAIMS

GRUPA AZOTY POLYOLEFINS DECIDED TO CHARGE CONTRACTOR WITH CONTRACTUAL PENALTIES OF EUR 111.8 MLN DUE TO AGREEMENT WITHDRAWAL

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