Green light for Rotch Energy and Lukoil to buy RG
Nafta Polska, the state agency responsible for oil sector privatization, rec
ommended to the Treasury the sale of a 75% stake in Rafineria Gdanska to Rot
ch Energy and Lukoil. According to unofficial sources, the consortium, in wh
ich Rotch has a 51% stake and Lukoil 49%, valued the company at $300 million
and pledged investments of $500 million to $700 million over five years. Tre
asury Minister Wieslaw Kaczmarek has now asked the government to assess poli
tical risks connected with the deal. "We need to evaluate potential problems
, as this would be the first significant investment with the participation o
f a large Russian company in a key sector of our economy," he said. Unoffici
al sources close to the government claim that Prime Minister Leszek Miller i
s wary of such a move. Kaczmarek said that once the agreement is approved, t
he government will seek to finalize it as quickly as possible. "This way we
obtain funds to partly finance the restructuring of the industrial chemicals
industry," Kaczmarek concluded. (Puls Biznesu, p. 7) T.J.