CET and GL close to striking deal over IGCC finance

Grupa Lotos (GL) is searching for extra capital to help it finance the modernization of its oil processing plant. The first stage of this envisages the construction of a $540 million IGCC system which will utilize remainders from producing petrol. Recently, the company came across the services of investment-advisory company, Central Europe Trust (CET). "Negotiations are in progress, however, this does not mean that we will come with a bag full of money. We specialize in organizing funds," said one of CET's presidents, Antoni Rakowski. According to unofficial information GL is also in talks with Russian private equity funds. GL representatives, however, do not want to confirm this information. "We are in advanced stages of discussions, which should mean everything will be clear within two weeks," said GL's spokesman Marcin Zachowicz. (Puls Biznesu, p. 3) A.K.