Doubts over German PCC’s acquisition of Tarnow and Kedzierzyn plants

APA - Austria Presse Agentur
13-10-2006, 14:17

Warsaw (Puls Biznesu) – The state and its company founded to privatize the chemical sector have different views concerning the sale of Tarnow and Kedzierzyn nitrogen plants.

Warsaw (Puls Biznesu) – The state and its company founded to privatize the chemical sector have different views concerning the sale of Tarnow and Kedzierzyn nitrogen plants.


On Wednesday, Pawel Szalamacha, the deputy Minister of the Treausre, and Marek Drac-Taton, the CEO of Nafta Polska (NP), said that the ministry would ask the state-owned company responsible for the privatization of the sector to shift the deadline of selling two nitrogen plants to Petro Carbo Chem. Initially, the transaction was supposed to be closed till November 3rd 2006. On Thursday, however, NP said that it is not the best solution to delay the process.

“We will try to convince the ministry to keep the previous deadline. There are no reasons to change it”, Marek Drac-Taton said.


The plans may mean that the ministry hopes to get higher prices. Ciech had to raise his price from PLN 68.5m to PLN 80m (EUR 20.5m) in case of one of the acquired chemical plants. PCC has a big rival also eying the same comapnies - Anwil owned by PKN Orlen fuel giant. ZA Pulawy are also interested in at least one of these plants. So far, however, no official has suggested that the agreement with the Germans could be broken. PCC agreed to pay over PLN 100m for 80 percent stake of Kedzierzyn, and invest over PLN 350m in the company and to pay PLN 365.8m for 80 percent stake in Tarnow and invest PLN 500m.

(PLN 1 = EUR 0.257)



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Podpis: APA - Austria Presse Agentur

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