Poland/Enterprises/Gas and Oil
Warsaw (Puls Biznesu) – The IPO of Grupa Lotos fuel group is not possible in the first quarter of 2005 as planned before. BRE CF, the privatisation advisor, recommended to conduct the IPO in the second or third quarter of next year. A source told ‘Puls Biznesu’ that the issue prospectus will not be ready in December. ‘Some questions have to be answered first’, the source said.
One of the issues in merging Grupa Lotos with refineries in southern Poland, including Glimar refinery, which is not in good state. The other problem is financing of utilisation complex IGCC. ‘Potential investors first would like to see that after merging the group will be able to operate’, the source said.