Warsaw (Puls Biznesu) – Trade union of Tarnow nitrogen plant has seen the letter sent by the Minister of the Treasure in June. They were surprised.
Today, the representatives of the trade union of Tarnow nitrogen plant will present to the MPs of the Parliamentary treasure commission the letter sent on June 26th by the Minister of the Treasure Wojciech Jasinski to Bogdan Borusewicz, the head of Senate. The Minister said in his letter that German Petro Carbo Chem (PCC) is a credible company and there are no obstacles for it to become the investor in Tarnow and Kedzierzyn plants. The conditions of the transaction are very good.
“It’s hard to understand what happened within four months since this document was written to make the minister change his mind in the eleventh hour and say that the offer was too low?”, Zygmunt Barger, the head of NSZZ of Tarnow Employees’ trade union said.
The letter was a reply to the doubts raised by two MPs who were not sure PCC had financial credibility and suspected the company was connected with German chemical groups. Minister Jasinski quoted Moody’s report confirming that the company is issuing bonds worth EUR 100m. He said that the investor presented letters from HSBC, Pekao and CDM Pekao brokerage confirming that it had EUR 51m on its accounts. He said also that ‘after the negotiations were concluded the investor submitted documents from ING Bank Slaski, Pekao and Reiffeisen Bank Polska concerning its intention to finance the investment programs in Tarnow and Kedzierzyna chemical plants”.
“The reason the Ministry of the Treasure decided not to sell Tarnow and Kedzierzyn to PCC is not the latter’s credibility but the conditions of the transaction which were not satisfactory. PCC wanted to pay too little for these plants. Credibility and price are two different thins”, Pawel Kozyra, the spokesman of the Ministry of the Treasure said.
However, in his letter to the head of the Senate, Wojciech Jasinski wrote also: “the agreements to sell the shares of Kedzierzyn and Tarnow plants allow to not only receive positive revenues for the budget but first of all offer solid base for their further development. In his opinion, the conditions of the transaction “should be evaluated as very good for both the treasure and the companies themselves.