Grupa Lotos continues negotiations to absorb smaller refineries

During the summer, Grupa Lotos, formerly known as Rafineria Gdańska, received consent from the State Treasury to consolidate with three ailing refineries in Czechowice, Jasło and Gorlice. The only condition was that the company's main domestic competitor, PKN Orlen, would not only help out in the final phases of the restructuring process, but that it would also provide funds for further development. The participation of four players in this process meant a compromise was difficult to reach, and several business related issues still have to be negotiated. The road to a final agreement will be facilitated by several meetings which are due to take place this week. "Today in Kraków, Grupa Lotos president Paweł Olechnowicz will meet with the presidents of the three refineries. The regional voivods and Treasury Minister were also invited," said a sector source. On Thursday and Friday, representatives who are responsible for different business aspects of the three refineries are also planning to meet. (Puls Biznesu, p. 6) A.K.