Grupa Lotus to be fully operational in 90 days, but privatization still distant

President of Nafta Polska (NP), Maciej Gierej, said that creation of Grupa Lotos (GL) should be concluded within three months. It will be based on merging refineries in the south, and later Petrobaltik with Gdańsk Refinery. However, the rules of merging the refineries were not decided yet, but it is very likely that the process will be carried out through increasing the share capital of the southern companies. It is also unclear how the new group will be later privatized, and according to Gierej, floating GL would only make sense if institutional investors bought part of the offer. This will however, be carried out no sooner than a year after it begins ope rating. The idea of floating the company is supported by GL president Paweł Olechnowicz. "The final decision on this will be made after we resolve the issue of creating a Central European oil concern," claimed Gierej. Such a concern would encompass companies from Poland, Hungary, Austria and probably the Czech Republic. (Rzeczpospolita, p. B4) M.M.