Grupa Lotos likely to cancel investment plans of smaller refineries

Oil concern Grupa Lotos (GL), which received the green light from the Treasury Minister on Monday to consolidate its refineries in the south of the country, will face an investment bill amounting to zł. 1 billion. "Taking over these companies does not mean that we will carry out their investment projects. By the end of the year we will analyze which of them should be continued," said GL president Paweł Olechnowicz. However, he did not exclude that Lotos might partially engage in some of them. "If GL goes ahead and forms the group, then we hope for investment backup from the leader," said Rafineria Czechowice president Henryk Malesa. He added that his company was in talks with German banks and financial institutions about some kind of assistance. (Puls Biznesu, pp. 1, 4) M.M.