Kaczmarek insists PKN Orlen deal must await RG sale

The Treasury will wait until April at the earliest before announcing a decision on the sale of a 17.6% stake in Poland's leading oil company, PKN Orlen. Treasury Minister Wieslaw Kaczmarek explained that the decision would depend on the outcome of talks on selling PKN Orlen's smaller peer, Rafineria Gdanska (RG). "We will be able to talk about the future scenario for PKN Orlen in April or in May. A key for it will be the sale of Rafineria Gdanska," Kaczmarek said. The formal deadline for MOL of Hungary to hold exclusive talks on the purchase of the PKN Orlen stake passes on January 12. However, Kaczmarek indicated that by April or May the government would like to have both MOL and its rival bidder, OMV of Austria, on standby to conduct talks on the PKN Orlen sale. The Treasury is currently holding negotiations with private British company Rotch Energy on the sale of 75% of RG. However, Kaczmarek pointed out that if the RG deal fell through, "It would drastically change the privatization of PKN." (Rzeczpospolita, p. B2; Reuters) M.T.