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Grupa Azoty SAHyundai Engineering withdraws from agreement for implementation of Polimery Police Project
Listed chemicals group Azoty's subsidiary, Grupa Azoty Polyolefins, has received a statement from Hyundai Engineering regarding its withdrawal from the agreement for the comprehensive implementation of the Polimery Police Project on a turnkey basis for a lump sum price, Azoty said in a market filing.
As stated, Hyundai Engineering's withdrawal from the agreement was due to Azoty Polyolefins' failure to provide the requested payment guarantee.
According to the announcement, the management board of Grupa Azoty informed that Grupa Azoty Polyolefins would challenge the validity of the submitted statement, among other things because the agreement in question was no longer in force at the time of its submission.
On August 14, Azoty Polyolefins decided to withdraw from the agreement for the comprehensive implementation of the Polimery Police Project on a turnkey basis for a lump sum price, for reasons attributable to the contractor, i.e. Hyundai Engineering. It therefore charged contractual penalties in the amount of EUR 111.83 million.
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