Kredyt Bank close to completing bid for Rafineria Jaslo

In a sign of its continuing interest in the oil sector, Kredyt Bank will within the next few weeks submit a binding offer for a 75% stake in Ra fineria Jaslo. According to a source close to the privatization process who is quoted by Puls Biznesu, the purchase is expected to be completed within two or three months. The move comes as a surprise to the markets, since the bank has only recently ended its association with a consortium bidding for a stake in Rafineria Gdanska. However, Kredyt Bank's decision to withdraw was based on a perception of its partner, Britain's Rotch Energy, as unreliable, especially in view of its program for financing the investment. Kredyt Bank's bid for Rafineria Jaslo was the only one to meet the requirement of purchasing a majority stake in the refinery. The other bidders, PKN Orlen and Rafineria Gdanska, were interested only in selected divisions. (Puls Biznesu, p. 7) P.W.