In the past, Poland’s biggest fuel company used to look for oil. Now, it has changed its mind.
“We will buy exploration companies. Many of them cost 20-30 percent of their price from before the crisis. We are eying several companies. We may spend PLN 1.5bn for them”, Jacek Krawiec, PKN Orlen CEO said in Radio PiN.
Petrolinvest from Ryszard Krauze group is not one of them.
Jacek Krawiec is also interested in consolidation of energy companies in Poland. He mentions PGNiG gas monopoly, PGE energy group and PKN Orlen as firms with similar scale of operations. He does not include Grupa Lotos fuel company within this group. The company’s stock price has recently dived due to negative recommendations issued by analysts.
“To us, Lotos is a small company”, Jacek Krawiec said.
(PLN 1 = EUR 0.261)