Poland grants EUR 40m in state aid to chemicals maker Azoty amid energy price rises

The Polish government has channelled PLN 173 million (EUR 40 million) in public aid to the state-controlled chemicals maker Grupa Azoty to mitigate the effects of rising gas and electricity prices, amid Russia's invasion of Ukraine, according to officials. 

Photo:

X/Grupa Azoty

Polish authorities released the EUR 40 million aid package for Grupa Azoty before Christmas, the state news agency PAP reported.

Grupa Azoty, which produces fertilisers, plastics and pigments, among other products, said it would include the subisdy in its results for the 4th quarter of 2023.

The company's CEO Tomasz Hinc said Russia's aggression against Ukraine had pushed up the prices of natural gas and electricity, "one of the key factors affecting the profitability of Grupa Azoty's output."

He added the state aid would "help compensate" the company for the "notably higher costs" of producing chemicals in the European Union.

⚠ Grupa Azoty otrzymała 173 mln zł w ramach programu „Pomoc dla przemysłu energochłonnego związana z cenami gazu ziemnego i energii elektrycznej w 2023 r.”

💬 Ceny gazu ziemnego i energii to jeden z kluczowych elementów wpływających na rentowność produkcji w spółkach Grupy… pic.twitter.com/i1NqBcDPxQ

— Grupa Azoty (@Grupa_Azoty) December 20, 2023

Wednesday is day 672 of Russia’s war on Ukraine.

Russia invaded Ukraine on February 24, 2022, launching the largest military campaign in Europe since World War II.

(pm)

Source: PAP, Parkiet