WARSAW, April 1 (Reuters) - Polish chemicals maker Synthos aims to invest about $170 million in its planned synthetic rubber plant in Brazil, the group’s chief executive said on Tuesday.
The facility, based on French tyre maker Michelin’s licence for the production of synthetic rubber, would use raw materials supplied by Latin America’s top petrochemical company - Brazil’s Braskem.
The plant will be launched in 2016 or 2017, Synthos CEO Tomasz Kalwat told Reuters. “We plan to spend around $170 million until 2017 or 2018, as the last payments usually take place some time after the construction,” he said.
Synthos - controlled by one of Poland’s wealthiest businessmen, Michal Solowow - signed a conditional 15-year deal with Braskem worth around 4.5 billion zlotys ($1.5 billion) for the supply of butadiene to the plant.
Michelin and its Italian rival Pirelli have signed multi-year deals with Synthos for the delivery of synthetic rubber from the plant worth 1.15 billion zlotys and 1.55 billion zlotys, respectively.
$1 = 3.0214 Polish zlotys Reporting by Jakub Iglewski; Writing by Adrian Krajewski; Editing by Pravin Char