Chemical plants and State Treasury reach agreement on sector restructuring

During a meeting on Friday, the presidents of companies from the chemical sector and representatives of the State Treasury finally managed to reach a compromise. The State Treasury has not abandoned its strategy to restructuring the sector, which envisages the formation of the National Fertilizer Concern (PKN), and which was strongly opposed by ZA Puławy and Police. Both of these companies have already presented their own concepts for future operations. The agreement that arose from the meeting envisages that the sector consolidation process will indeed center around PKN, which will encompass four chemical companies, namely Puławy, Kędzierzyn and two Tarnów-based plants. In exchange, the plants will receive shares in PKN. Nafta Polska will also receive shares, and in exchange will transfer cash or assets into PKN. In return from withdrawing from their own plans, the four companies will maintain their entity status. "The companies will also be free to decide upon all other activities, besides fertilizer production," said Deputy Treasury Minister Tadeusz Soroka. (Puls Biznesu, p. 7) A.K.