Kemira Oyj
Press Release
October 25, 2017 at 8.30 am (CET+1)
Kemira to invest approximately EUR 30 million in polymer technology for Chemical Enhanced Oil Recovery
Kemira, a global leader in the manufacture and supply of high quality polymers (polyacrylamides), will initiate an approximately EUR 30 million capital expenditure phase in expanding the manufacturing capacity of polymers for Chemical Enhanced Oil Recovery (CEOR).
"Kemira can help customers improve their long-term profitability and resource efficiency with fully tailored polymers for CEOR. We anticipate a bright future for this application, which is demonstrated through the investment," says Pedro Materan, Kemira Oil & Gas.
The investment is part of the previously announced EUR 160-200 million capital expenditure for 2018. Additional capacity will be built at Kemira's existing manufacturing site at Botlek, Netherlands. The new capacity is expected to be in commercial operation by the beginning of 2019.
"We are excited to expand our Chemical Enhanced Oil Recovery capacity further within the Oil & Gas business. The development of tailored polymers according to customer needs requires close customer collaboration, extensive innovation expertise and time. After prudent development in R&D and successful field trials, we are happy to announce this investment on the basis of an anticipated uptake in customer demand," says Kemira's President & CEO Jari Rosendal.
For more information, please contact:
Kemira Oyj
Tero Huovinen, Communications
Tel. +358 10 862 1980
Olli Turunen, Investor Relations
Tel. +358 10 862 1255
Kemira is a global chemicals company serving customers in water intensive industries. We provide expertise, application know-how and chemicals that improve our customers' product quality, process and resource efficiency. Our focus is on pulp & paper, oil & gas and water treatment. In 2016, Kemira had annual revenue of around EUR 2.4 billion and 4,800 employees. Kemira shares are listed on the Nasdaq Helsinki Ltd.
www.kemira.com (http://www.kemira.com)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kemira Oyj via Globenewswire
