BMI View: We believe that Poland will remain a major, low-cost petrochemicals player capable of supplying other developing markets in Central and Eastern Europe. This could be boosted further if ethane availability from shale gas reserves can justify the operation of new cracker capacity. However, these are early days for the exploitation of shale gas, which faces significantly higher extraction costs than shale gas in the US, and any ethane-based ethylene production is unlikely over the forecast period. The process of merger and consolidation was carried out over 2012 and into Q113, after the government had failed to sell off …
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