Banks back refinery sale
The Westdeutsche Landesbank, Industrial Bank of Japan and Pekao SA are backing the Rotch Energy consortium in its initial phase of investments in Rafineria Gdańska to the tune of around USD500m.
It is said that the privatisation process will be completed in December or January at a price for a 75 percent stake of USD300m.
The full line up of the consortium remains unknown. Since Kredyt Bank was unable to meet the challenge and a question mark hangs over the role of the Konsorcjum Gdańskie, a group of private petrol station operators, it is possible that Rotch will be the only party left. Nonetheless it would seem that a Polish bank may come in as a minority investor and negotiations are currently underway to this effect.
Last Friday Nafta Polska agreed to sell a 75 percent stake in Rafineria Gdańska to Rotch Energy. The cabinet still has to agree before the deal will go through.