PKN’s telephone bill
Polski Koncern Naftowy Orlen is considering the sale of its 19.6 percent stake in mobile phone operator Polkomtel which runs the Plus GSM network.
The most recent report of Deutsche Bank suggests that these assets may be worth around USD1bn although other analysts think that because of some recent large investments in the telecoms sector that this price would be hard to obtain. Furthermore it could be even difficult to find a buyer at all because of the huge investment requirements of Polkomtel.
It is believed that the oil concern needs these funds for future investments such as the purchase of other oil concerns in the region. Rumours were recently awash that there may be a share exchange with the Austrian OMV. OMV is worth around USD2.3bn and Orlen would need more than USD400m for a 18 percent stake.
However Orlen has clearly other schemes up its sleeve. It still wants to buy a stake in the chemical plants at Kędzierzyn and Police near Szczecin as being as being reported as studying some kind of involvement with the Tarnów concern although it may prefer a joint venture with the Dwory concern here.
Orlen has also said that it will be spending PLN2.7bn on reorganising its petrol stations.
Monika Cebula, analyst at Bank Handlowy's asset management department believes that PKN could finance these investments through its own resources without running up more debt.
The forthcoming privatisation of fuels storage company Naftobaz is also known to interest Orlen. Another possibility, although somewhat less likely for political reasons is a share in the Gdansk refinery.