Refinery too much for Kredyt Bank

Alan Heath
02-11-2001, 00:00

Kredyt Bank, which was aiming to buy a majority stake in the sale of the Jasło refinery, did not put in a final offer in the privatisation of the company.

It would appear that the bank did not have a clear idea of what to do with the refinery which like all the southern refineries has a low market position and may have required more funding than Kredyt Bank was prepared to stomach.

Earlier this year Kredyt Bank pulled out of a deal with Rotch Energy in the privatisation of the Gdańsk refinery.

The main reason the bank was chosen in the privatisation tender was that it was prepared to consider keeping the refinery as one business. Contenders PKN Orlen and the Gdańsk refinery wanted to split the refinery into two businesses in order to develop the paraffin unit.

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