Gdansk Refinery continues development plan

Nafta Polska, the agency responsible for privatization of the oil sector, is still analyzing an offer by Britain's Rotch energy and PKN Orlen for the takeover of a 75% stake in the Gdansk Refinery (RG). RG has in the meantime updated its own program of development - an extended version of a plan presented in October 2002 aimed at creating a new oil concern, Grupa Lotos, to compete against Orlen - and RG's management has indicated that they have the necessary funds for modernization and development. "Despite the regular servicing of debts, amounting to zl. 600 million, the company has at its disposal zl. 230 million, gained in 2002," announced RG. The remaining funds required would come from bank loans and deals the company hopes to gain through the F-16 offset package. RG still wants to base its capital group on Petrobaltic and oil refineries from the south of Poland, which would focus on production and distribution of lubricating oils. (Puls Biznesu, pp. 1, 8) M.M.