Government has new plan for Kompania Węglowa

The government has decided to transfer up to 100 percent of Kompania Węglowa (KW) shares to the TF Silesia fund, treasury minister, Andrzej Czerwiński informed. Consequently the fund will acquire 11 mines included in KW. "TF Silesia will be the pillar of a strong energy-fuel concern. The energy company is positive about this idea, it expressed interest in taking part in the venture," Czerwiński said. As for now, some declarations were sent by utility PGE and refiner PGNiG. Amid the information that the European Commission may not approve Poland's plan of restructuring domestic mining, the Polish government revised its plans regarding establishing Nowa Kompania Węglowa, a vehicle that is to replace troubled Kompania Węglowa mining company. Initially, the new company was to be created by the end of September, however, the state's treasury announced since that it "will be formed in a capital structure that will not be questioned by the EC," the entire venture will be delayed. Preliminary sketches of the new draft have already been made, according to the ministry.