Warsaw (Puls Biznesu) – Although PKN Orlen, the Polish listed fuel giant, submitted the highest offer to buy Mozeiki Lithuanian refinery, it may be forced to enter alliance with KazMunaiGaz to win the tender.
Last week, PKN Orlen submitted its binding offer to buy the Lithuanian refinery in Mozeiki. According to unofficial sources, the Polish company offered the highest price of over USD 1.5 billion for the 53.7 percent stake owned by bankrupt Yukos. Meanwhile, Lithuanian media say that the government, which manages the transaction, is not happy with Orlen’s proposals. “Veidas” weekly said that it won’t be the price which is decisive in the tender but the credibility of the possible investor. According to the paper, if Mozeiki is sold to PKN Orlen, an anty-monopoly procedure may be launched by EU authorities. Such processes last up to several years while Yukos needs cash quickly. Another shortcoming of the Polish offer is the lack of oil fields.
“The example of Unipetrol shows that anti-monopoly procedures may be ended relatively quickly. As far as the oil is concerned, we have presented documents to the Lithuanian government proving that we have deliveries guaranteed”, Dawid Piekarz, PKN Orlen’s spokesman explained.
PKN Orlen’s main rival to buy Mozeiki – KazMunaiGaz, which is a Kazach state-owned enterprises – controls substantial oil fields. PKN Orlen might consider joining forces with its rival to build an alliance.”Everything is possible but it is too early to give details”, “Puls Biznesu” source in PKN Orlen said.