Polish fuel project

Lockheed Martin and Halliburton have signed a deal paving the way for a USD 540 million project at Polish fuels firm Lotos to convert high-sulphur oil into cleaner fuels. The planned construction of the integrated gasification combined-cycle plant is part of a reciprocal investment package linked to Poland’s purchase of F-16 jets from Lockheed. It was not clear how much of the total bill may eventually be shouldered by Lockheed, the largest US defence contractor, and Halliburton’s Kellogg Brown and Root unit. The deal, worth about USD 10 million, will provide Lotos with funds to purchase technology licences.
Lotos will hold a 40% stake in the venture and foreign partners – which may include Royal/Dutch Shell – another 40%. The rest was expected to be taken by the European Bank for Reconstruction and Development.

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