A lack of agreement between the Russian Lukoil and the British Rotch Energy has put back the privatisation of the Gdańsk refinery yet again.
It would seem that the problem is one of dividing the proceeds. Most analysts see little hope of the two sides getting back together again.
Both sides however maintain their interest in the refinery. The deadline for new bids passed on 9 July but Rotch has requested an extension. Lukoil is not giving up either, at a press conference in Moscow yesterday it said that it still hoped to buy the refinery.
Nafta Polska has now got a problem. Gdańsk urgently requires funds for development yet without an investor it is not going to get the cash. If the consortium of Rotch - Lukoil is no longer on the cards then who may take their place? The Hungarian MOL is still waiting in the wings or a new tender could be run. This would give Lukoil, Jukos or PKN Orlen the chance of running it alone.
Orlen has cause to be happy about the fall of the Rotch - Lukoil alliance although this may not be the best news for the market in the opinion of Marek Świętoń an analyst with ING Investment Management. The treasury is still considering consolidating several fuel firms around the Gdańsk refinery with a view to bringing it onto the stock market in 2003-2004. It is also possible that the man with an ace up his sleeve is Aleksander Gudzowaty, who several months ago tried to get a stake in the privatisation of the refinery together with Rotch and the Russians.