Refinery decision in January

Alan Heath
opublikowano: 17-12-2001, 00:00

Nafta Polska is hoping to sign a contract with the British Rotch Energy in March or April for the purchase of a 75 percent stake in the Gdańsk refinery. A decision is expected on 10 January.

However nothing is yet settled and the financial questions are still being negotiated and Rotch is trying to persuade the banks of the sense of its investment plans.

The contract cannot be signed until the development plan is known, but this is likely to be scaled down as the banks demand security for their loans. Nafta Polska is hoping that these plans will remain its property if Rotch pulls out.

Tomorrow the fate of the deal Nafta Polska has been negotiating with the Hungarian MOL on the sale of a 17.6 percent stake in PKN Orlen will be known. Theoretically MOL has negotiating exclusivity until 12 January. The Austrian OMV still has its sights on the deal and keeps reminding all that might want to listen.

PKN Orlen and Rafineria Gdańska have felt the slowdown in the economy hitting sales and reflecting in their bottom line. But it is much worse for the three southern refineries of Glimar, Jasło and Czechowice — Dziedzice which could be forced out of business if certain tax breaks are lifted. Nonetheless Nafta Polska does not see the position as desperate and believes that they can be saved with new strategic plans.

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