Kredyt Bank withdraws bid for control of Rafineria Jaslo

Kredyt Bank has withdrawn its offer to buy a majority stake in southern oil refinery Rafineria Jaslo, even though Nafta Polska, the State agency respons ible for the privatization of the oil sector, had decided to back its bid. P uls Biznesu speculates that the decision by Kredyt Bank, which earlier this year withdrew from the privatization of Rafineria Gdanska, was based in part on its perception that Rafineria Jaslo lacked a clear vision for its develop ment. In addition, at a time when the Polish oil market generally is in a de pressed state, Rafineria Jaslo's market position has been made even weaker b y competition from industry giant PKN Orlen. PKN Orlen, Rafineria Gdanska an d Kredyt Bank were the only companies to express an initial interest in the refinery's privatization. Nafta Polska opted for Kredyt Bank, as it was the only bidder wanting to buy Rafineria Jaslo as a whole, while the other two c ompanies were interested in selected parts of the refinery. (Puls Biznesu, p . 5) P.W.