Lotos secures loan

In 2008, the firm plans to sign an agreement for credit worth a further $1.75 (zł.4.33) billion.

Lotos acquired the loan from a consortium of banks, including PKO, Bank Pekao, Rabobank Polska and BRE Bank. The agreement calls for the principal to be repaid in four years. Lotos' 10+ Program aims to achieve a more than 10-percent share of the fuel retail market and an oil throughput capacity of more than 10 million tonnes per annum, as well as to increase the company's value to over zł.10 billion. The total value of the investment program is estimated at zł.5.6 billion, with around 70 percent of this to be paid for with loan capital. EBB