Joint venture between PKN Orlen and German IVG hangs in the balance

There are decreasing chances that oil concern PKN Orlen will set up a joint venture with German IVG, which would be storing and transhipping liquid fuels. In April both companies signed a letter of intent, but "Orlen management admits that it was no longer interested in developing the project jointly with IVG," said deputy treasury minister Tadeusz Soroka. However, Orlen president Zbigniew Wróbel said that, "We might be more interested in participating in the creation of so called integrated logistics operator (ZOL) in co-operation with Nafta Polska and the Treasury. However, we have not stopped negotiations with IVG." ZOL concept would foresee setting up a fuel logistics company, which would provide access to its warehouses to all market participants on equal rights. "According to one of the concepts, IVG could also join the new venture with its fuel warehouses in Radzionków," added Wróbel. IVG Terminal Silesia president Marek Stoń said that the concept was rational and IVG might join it. (Puls Biznesu, pp. 1, 7) M.M.