Lotos Group will have to wait for stock exchange move

Completion of the issue prospectus that was due in December will also be delayed, claims a Puls Biznesu source. This is because of unfinished integration of Lotos with the southern refineries, in particular the Glimar refinery, which is experiencing serious difficulties, and unanswered questions over how capital will be raised for the IGCC waste product complex. The main goal for Lotos is now convincing potential investors that after the inclusion of the southern refineries and Petrobaltic, it will be able to act successfully as a group. "Lotos needs to enter WSE to take advantage of the boom in the gas sector and excellent financial results of the group that reached a record zł.393.5 million net profit for the 2004 just till the end of September," emphasizes another source. (Puls Biznesu p.1,11) M.G.