Time to refuel

Alan Heath
opublikowano: 2002-11-04 00:00

Two weeks ago the MD of Polish airlines LOT, Jan Litwiński, announced that he wanted to sell his 49 percent stake in aircraft fuel company Petrolot to Polish airports authority PPPL. In exchange LOT would receive a 49 percent stake in LOT Ground Services (LGS) from PPPL. However PKN Orlen, the holder of a 51 percent stake in Petrolot, has the right of first refusal and has still not clearly indicated yes or no. Despite the downturn in the airline business, Petrolot is doing well. In the first ten months of this year it has shown a PLN7.3m profit.