Ten foreign companies interested in Polish oil privatisation

Apr 11, 1997 02:00 AM

Ten foreign companies have signalled interest in stakes of Poland's 2 largest refineries under the government's scheme to privatise the oil sector, the state-owned holding group overseeing the programme said. The group, Nafta Polska SA, said that among the 10 firms interested in stakes of Petrochemia Plock SA and Rafineria Gdanska SA refineries were Norway's Statoil, Neste, Italy's Agip and Shell. Nafta's spokesman Janusz Kwiatkowski told that these companies had responded positively to the holding's information memorandum sent to investors in February. "So far we have received 10 positive and 8 negative answers," Kwiatkowski said. He added that the 10 companies had decided to buy the second part of the memorandum, which contains more details about the sector and terms of its privatisation.
The final tender for stakes in the refineries is due to open later this year after Nafta selects a firm to advise on the privatisation.
Under the government's scheme, Nafta will offer up to 30 % of shares in the refineries. The buyers would be allowed to increase their stakes to more than 50 % after investing in the modernisation of the companies. As an incentive, the investors would also gain access to state-owned petrol stations network CPN. But the incorporation of CPN into Nafta, which would enable such access for investors, is being delayed by protests within the CPN, which would prefer to be privatised separately.

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