Technical and medical gases, Siad and Sol joint venture for a plant in Croatia: 50 million invested
Inauguration of the site near Zagreb built partly thanks to long-term financing of EUR 31.5 million from the European Bank for Reconstruction and Development
3' min read
3' min read
In Croatia, liquid oxygen, nitrogen and argon for the health sector, as well as technical gases for industry and local authorities, will increasingly speak Italian. They will in fact be produced by a production joint venture OXY Technical Gases d.o.o. between Siad and Sol, two of the leading Italian companies in the sector, which have inaugurated a modern air fractionation unit (ASU) for the production of nitrogen, oxygen and argon in Turopolje, near Zagreb, Croatia.
The plant will involve an investment of EUR 50 million and is the result of Italian cooperation abroad between Siad, through its subsidiary Istrabenz Plini, and Sol, which will hold 60% and 40% of Oxy's share capital respectively. The investment is supported by the European Bank for Reconstruction and Development, which has signed a long-term loan of EUR 31.5 million in favour of Oxy.
Bernardo Sestini, President and CEO of the Siad Group, explains that Oxy "is not only an industrial achievement, but also a concrete step on our path towards sustainable and responsible growth. The energy efficiency of the plant, its production capacity and the synergy with the Sol group testify to our desire to invest in advanced technological solutions capable of generating value for the territory, for our customers and for the environment". Aldo Fumagalli Romario, President and CEO of the Sol group adds that "it is particularly significant that two Italian companies join forces abroad to strengthen their competitiveness in international markets. The collaboration with the Siad group represents a very valuable opportunity for us. Furthermore, given the development prospects of the medical and technical gases business in South East Europe, this joint venture with Siad will allow us to benefit from the production advantages of a larger plant".
The Turopolje plant is of very advanced design and will operate with only 30 direct and indirect employees and is dedicated to the production of high purity liquid oxygen, nitrogen and argon to supply oxygen and other medical gases to hospitals. At the same time, it will also produce technical gases and related services to industries, local authorities, universities, laboratories and research centres in South East Europe. Thanks to its size and high standards of energy efficiency, Siad and Sol will be able to obtain supplies from the joint production company at competitive costs, guaranteeing benefits for the end market. The plant was built in less than two years by Siad macchine impianti, a company of the group of the same name specialising in the engineering and construction of technical gas production plants, industrial compressors and LNG liquefaction plants.
For Paolo Trichilo, Italy's ambassador to Croatia, "this new investment born from the collaboration between two leading Italian companies is further confirmation of the great and growing economic cooperation between Italy and Croatia". The inauguration of the plant, recalls Trichilo, comes "just two months after the Business Forum convened at the beginning of May in Zagreb with the participation of over 150 Italian and Croatian companies, which was inaugurated by the Italian Deputy Prime Minister and Minister of Foreign Affairs, Hon. Antonio Tajani, and the Croatian Ministers of Foreign and European Affairs, Hon. Gordan Grlić Radman, and Economy, Ante Šušnjar. The high-tech investment strengthens Croatia's path towards sustainable and responsible growth'.
