Consortium of oil distributors looks at Rafineria Gdanska

A consortium of 14 independent oil distribution companies plans to become a strategic investor in Poland's second largest oil company, RafinerSia Gdanska (RG). The consortium was founded on Wednesday under the patronage of the Polish Liquid Fuels Chamber (PIPP). Before the end of May a company called Konsorcjum Gdanskie will be registered with a capital of $1 million, which is later to be increased to $15 million. The 14 members of the consortium together have 118 petrol stations, but PIPP president Andrzej Szczesniak says eventually this number should increase to 500 stations. Szczesniak said that according to the consortium, a sum of $200 million, mostly from loans, should be sufficient to acquire a majority stake in RG and to boost its capital. RG president Wojciech Zurawik says that although the consortium could acquire a stake in RG, there is no way it could be a majority stake. According to Zurawik only a big company from the oil sector could guarantee RG's development, increasing its oil processing potential from 4.5 to 6.7 million tonnes annually. The consortium claims there is no point in increasing RG's output. (Puls Biznesu, page 5) T.J.