Press release IREM S.p.a. 12/05/2023

NEW EUROPEAN PDH project - Kallo.

After almost a year from the abrupt and unjustified termination by Borealis Kallo NV of the collaboration with our company for the New European PDH Kallo project, still no complaint has been raised by the Belgian authorities.

Since the very beginning, IREM has been committed to fully cooperate with the Belgian authorities and to provide all available evidence to allow the authorities to ascertain the correctness of the conducts of the company. To this day, after 10 months, no accusation has been made against IREM or any other company of the IREM Group involved in the New European PDH Kallo project.

The history of our company demonstrates the care and respect we always had for the persons that work with us, in Italy and abroad. The wellbeing of our workers is our priority and a pillar of our project.

IREM has, moreover, competed the handover of the construction site to Borealis Kallo NV, allowing a prompt resumption of works and the completion of the project, notwithstanding IREM’s firm complaints against the illegitimate behaviour of Borealis Kallo NV. Allowing the completion of the New European PDH in Kallo will benefit, we believe, the local workforce and the hundreds of persons that will be employed at the new plant.

Borealis Kallo NV keeps, nonetheless, refusing to acknowledge that credit are owed to the companies of the IREM Group for works performed and accepted within the scope of the New European PDH project. IREM (and in parallel all the other companies of the IREM group that suffered damages due to the illegitimate termination of their contracts by Borealis) has, therefore, been left with no other option but to start an international arbitration to recover the amounts rightfully owed by Borealis Kallo NV.

- Siracusa, 16 May 2023