Concerns raised over Rotch funding for Rafineria Gdanska

The consortium led by Rotch Energy, which is bidding for a 75% stake in Rafineria Gdanska (RG), is reported to lack adequate guarantees to finance its planned multi-million dollar investment in the refinery. Nafta Polska, the company appointed by the State Treasury to oversee the sale, says that an investigation into Rotch Energy's finances reveals that the company cannot be relied upon to fulfill its future commitments to RG. Rzeczpospolita reports that at a meeting Friday the supervisory board of Nafta Polska agreed that the decision to sell RG to Rotch would depend on the British company's ability to finance the deal. However, Puls Biznesu claims that the Nafta Polska board has given the Rotch Energy bid the go-ahead, and is likely this week to forward to the Treasury the necessary documentation for accepting its offer. (Rzeczpospolita, p. B1, Sept. 15-16; Puls Biznesu, p. 4) P.J.