Bartimpex consolidates grip over biofuels sector

The State Treasury has signed an initial contract with Bartimpex for the sale of a 85% stake in Akwawit, one of the market leaders in the production of bio-ethanol, an additive which increases octane levels in petrol. The value of the contract is zl. 53 million. However, Bartimpex is obliged to invest a further zl. 6 million by 2005 and to increase its annual production capacity by 30%, which currently stands at 42 million litres. The investment is part of a new strategy by entrepreneur Aleksander Gudzowaty, the owner of Bartimpex. Earlier this month his company won a bid to buy Wroclaw-based Wratislavia spirit producer for zl. 64.6 million. Bartimpex stands a chance next month, of securing a stake in Warsaw's edible oils producer Zaklad Przemyslu Tluszczowego. If Gudzowaty manages to become an investor in all three plants, he said he is ready to invest a further euro80 million in them. Bartimpex has formed a company called Brasco, which will specialize in biofuel related investments. The president of the company is Andrzej Smietanko, former head of the Agency for Restructuring and Modernization of Agriculture, and an adviser to the President of Poland on agriculture related issues. (Rzeczpospolita, p. B4) A.K.