PGNiG, Ciech and chemical producers could build a group

APA - Austria Presse Agentur
opublikowano: 18-12-2006, 09:29

Warsaw (Puls Biznesu) – According to unofficial sources, the government plans to build a mega holding around PGNiG, Ciech and chemical producers.

Warsaw (Puls Biznesu) – According to unofficial sources, the government plans to build a mega holding around PGNiG, Ciech and chemical producers.

 

Rumors say that Russkaya Sodovaya Compania would like to buy 36.7 percent of Ciech owned by KW coal producer. Unofficial sources say that the Polish government will not allow for this transaction. Instead, PGNiG, Polish gas monopoly, would control Ciech.

“These are sheer speculations”, Pawel Szalamacha, the deputy Minister of the Treasure said.

The transaction would mean a totally new direction for PGNiG which raised PLN 2.7 billion (EUR 712.4m) in its IPO conducted last year.

 

Before the IPO, PGNiG assured that it would not start alliances with companies which are not in its core business, including chemical firms producing fertilizers, its main clients using over 3 billion cubic meters of gas every year. In 2005, PGNiG sold 13.5 billion cubic meters of gas.

“In the strategy for the years 2007-2011 we are not considering investing in chemical companies because we want to focus on gas deliveries diversification. The long-term strategy may be different but the document is in its initial phase”, Tomasz Fill, PGNiG spokesman said.

 

However, Ciech would like to buy ZCh Police chemical producer to become Poland’s leading phosphor and multi-element fertilizers producer. The Ministry of the Treasure might want to build a chemical group around PGNiG and Ciech including of Tarnow or Kedzierzyn chemical producers. The Ministry has 80 percent stakes in Tarnow and Kedzierzyn. Despite the plans of listing the two companies in 2007, the consolidation within the chemical group is very possible. Both chemical producers have giant debts while German PCC, the to-be investor, estimated that they need PLN 860m of investments.

(PLN 1 = EUR 0.264)

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Podpis: APA - Austria Presse Agentur

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