Lotos group needs oil and refineries

APA - Austria Presse Agentur
30-08-2006, 13:15

Warsaw (Puls Biznesu) – The priorities of Grupa Lotos fuel company include diversification of oil deliveries and raising funds for gigantic modernization.

Warsaw (Puls Biznesu) – The priorities of Grupa Lotos fuel company include diversification of oil deliveries and raising funds for gigantic modernization.

The Ministry of Economy and the Ministry of the Treasure are going to publish the new strategy for the oil industry in the middle of September. Big Polish oil companies, including Grupa Lotos and PKN Orlen, would like to influence the document. Grupa Lotos priorities include rules which would enable full integration of the group.

“Our strategy provides for acquiring 100 percent in the refineries (Czechowice, Jaslo and Glimar) and in the exploration company Petrobaltic. The state would not lose its influence because it controls Lotos. It would be easier for us to manage the group. We would like to discuss the case with both ministries. A meeting may be held next week”, Pawel Olechnowicz, Grupa Lotos CEO said.

As far as the acquisition of 31 percent of Petrobaltic is concerned, ISB news agency said in April that it would be ‘compensation’ for no dividend paid by Grupa Lotos to the state.

“Other solutions are also possible, including giving these stakes to Lotos and increasing its capital”, Grupa Lotos CEO said.

“Grupa Lotos management has offered to buy the stakes in refineries and Petrobaltic. Decision will be made when the new strategy is approved of by the government”, Pawel Kozyra, the spokesman of the Ministry of the Treasure said.

Lotos bought 69 percent of Petrobaltic in February 2005. It also owns 80.04 percent in Czechowice refinery, 80.01 percent in Jaslo and 91.54 percent in Glimar. The whole transaction amounted to PLN 257m (EUR 65m).

Grupa Lotos is also going to diversify its oil sources. Last week, the company said it had found two new oil fields on the bottom of the Baltic sea.

“We are taking part in the tender in Lithuania to explore some fields”, Pawel Olechnowicz added.

The company is finalizing talks for oil deliveries from Kuwait.

“We have signed a contract for 1m barrels of oil deliveries from Kuwait”, Lotos head said.

(PLN 1 = EUR 0.253)

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Podpis: APA - Austria Presse Agentur

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