Grupa Lotos needs investor, PKN should go alone

APA - Austria Presse Agentur
opublikowano: 19-03-2006, 21:50

(Puls Biznesu) – Nafta Polska, the entity founded to transform the Polish oil sector, has plans for Grupa Lotos and PKN Orlen fuel giants.

(Puls Biznesu) – Nafta Polska, the entity founded to transform the Polish oil sector, has plans for Grupa Lotos and PKN Orlen fuel giants.

Although the government plans to close Nafta Polska, the entity has new plans for ’s biggest fuel companies.

“Grupa Lotos needs an investor. I don’t mean a company which would finance its development because Lotos can manage alone. I mean a partner who will give it the access to oil fields. The final decisions will be made by the Ministry of the Treasure, however”, Andrzej Madera, Nafta Polska CEO said.

He refused to say when the new investor should enter Grupa Lotos.

Nafta Polska CEO said that there is no need to further privatize PKN Orlen.

“This is not the best timing for the state to sell its stake in this company. First, the capitalization, which is not particularly good at this moment, should be improved. Then, the state may considering selling its stake for a good price”, Andrzej Madera convinced.

He added, however, that the state should sell the stake later on.

“In and in the world, the states withdraw from managing oil companies. It would be good for PKN Orlen not to be connected with politics. This is one of the arguments for ending its privatization”, Andrzej Madera said.

According to Nafta Polska, the merger of PKN Orlen and Grupa Lotos would not be a good solution.

“Even after the merger, their capitalization would amount to below USD 10 billion while Austrian OMV has USD 18 billion and Russian Lukoil USD 49 billion. Western companies, including BP or Shell, have even bigger capitalization”, Andrzej Madera said.

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