Lotos Group will have to hurdle security and production in race to WSE

The debut is expected to take place at the earliest between Q1 and Q2 2005, but could be delayed because of unresolved national energy security concerns. Lotos's public issue will not be an easy one as the process may not include all its subsidiary companies. The problem member of the group is Glimar, a Gorlice-based refinery, as it lags behind other members like Nafta Polska, PetroBaltic and Jasło and Czechowice refineries. Before Lotos enters WSE it has to solve yet another problem, namely who will participate with the group in the plans to build a $540 million recycling plant for post-production waste. The answer lies in a joint venture between Lotos Ekoenergia and foreign investors. However, the lion's share of the funds are still expected to be raised straight from the floatation. (Puls Biznesu p.1,9) M.G.