Release date: 4 July 2020
Over the course of the past few months, the global economy and social climate have been hampered from the COVID-19 virus outbreak that has been detrimental to the financial markets, public health, and outlook into the near future. However, there has still been a glimmer of hope that can be traced to the modernized country of Poland. A chemical producing company, Grupa Azoty, resides in the small town of Police, Poland. This company has recently made a breakthrough in the technology sector with their works on a fully integrated propane dehydrogenation unit, as well as a polypropylene unit which produces propylene and polypropylene. Presumably, much of the common public may not be fully aware of or find relevance with this; however, understanding the significance of these units is vital. Grupa Azoty’s innovation will most likely benefit the auto industry, durable goods, and packaging chain because the plastic of Polyethylene is commonly used in these sectors. The company’s innovation would also support the stance of being environmentally-friendly, something many countries in the European Union strive for, especially since passing the European Green Deal. This innovation is working to obtain energy from renewable sources while incorporating plastic recycling, which has been a growing practice in Polish society. Lastly, the company has also strived to predicate its business approach on diversifying its strategy, which in turn will seem to be advantageous for the Polish Economy and its membership with the European Union, even during the midst of this global pandemic. With that being said, this all would not have been possible without its strong relationship with the European Bank for Reconstruction and Development (EBRD). The Bank has granted Poland a multicurrency loan for around €125 million for the company’s investment of these plastic-type based units with the hopes to benefit the economy and environment. As we emerge from the other side of the Covid crisis, it will be exciting to see what comes from this tremulous breakthrough, as the technology industry, especially in Poland, seems to be evolving.