In Brief: KGHM investments; Czechowice refinery; Netia pre-paid system

Polish copper giant KGHM Polska Miedz plans to invest almost zl. 1.15 billion this year to upgrade its copper production facilities and telecom services. Around zl. 500 million will be used to expand and improve the company's telecom services. (Gazeta Wyborcza, July 8-9, page 26, Reuters) ... Rafineria Czechowice S.A., a refinery with a current annual output of 700,000 tonnes of oil, will cease refining oil by the end of 2001 The company will be split into 4 smaller units focused mainly on gasoline distribution, which may render it a takeover target for PKN Orlen. (Prawo i Gospodarka, July 8-9, page 1,2) ... On Friday Netia started offering a pre-paid long-distance phone call system to compete with Telekomunikacja Polska S.A. (TPSA). The prices are said to be lower than those offered by the state-owned telecom firm. (Prawo i Gospodarka, July 8-9, page 12) ... The general shareholders meeting of Daewoo-FSO will take place not earlier than late August, and will confirm the companies financial results in 1999. It has not yet been revealed whether the company made profits or incurred losses. (Gazeta Wyborcza, July 8-9, page 22) P.S.