Grupa Lotos faces a busy year

opublikowano: 08-02-2007, 16:50

Warsaw (Puls Biznesu) – The company’s main goals this year include looking for its own oil, acquiring the remaining stake in Petrobaltic and get finances for investment projects.

Warsaw (Puls Biznesu) – The company’s main goals this year include looking for its own oil, acquiring the remaining stake in Petrobaltic and get finances for investment projects.

 

Grupa Lotos, Poland’s second largest oil company, is going to secure its own oil sources this year. Pawel Olechnowicz, the company’s CEO believes that there is a chance to sign a letter of intent to buy new fields. The transaction will not be concluded this year, however.

“We are interested in fields in Kazakhstan and North Sea regions”, the CEO reminded.

Petrobaltic, Grupa Lotos subsidiary, will have its share in looking for new fields. Till the end of this year, Grupa Lotos management would like to agree with the government how it would acquire the remaining 30.36 percent stake in Petrobaltic.

 

The company is about to start implementing the program of technical development. It will soon sign a contract to build installation for oil distillation. In April, all documents required by banks will be ready. The financing should be concluded this year. The company does not reveal its financial results. According to November forecasts, it had PLN 657m (EUR 169.5m) of net income.

(PLN 1 = EUR 0.258)

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