Lotos teams up with Shell in new plant
Within the next four years Lotos, Poland's second largest fuels producer after PKN Orlen, expects to complete a new integrated gasification combined cycle (IGCC) plant in its Gdańsk-based oil refinery. For that end, it will use technology provided by Shell.
The two groups signed an operating services agreement on the basis of which Shell Global Solutions International will provide engineering support to Lotos.
Deputy CEO of Shell Global Solutions International, John Kvitvang, underlined at a press conference that the co-operation will only refer to engineering issues: "Our corporate strategy consists of looking for new oil-drilling locations. We have no intention to invest in the assets of oil refineries on the local markets."
Lotos has not found resources to finance the ambitious undertaking yet. However, the group's CEO, Paweł Olechnowicz, hopes to obtain "the core financing" from the European Bank for Reconstruction and Development and the European Investment Bank.
In June this year, Lotos group sold 35 million shares in a public offer, accounting for about 30 percent of the company's capital. The majority share is still held by the state treasury.
The two groups signed an operating services agreement on the basis of which Shell Global Solutions International will provide engineering support to Lotos.
Deputy CEO of Shell Global Solutions International, John Kvitvang, underlined at a press conference that the co-operation will only refer to engineering issues: "Our corporate strategy consists of looking for new oil-drilling locations. We have no intention to invest in the assets of oil refineries on the local markets."
Lotos has not found resources to finance the ambitious undertaking yet. However, the group's CEO, Paweł Olechnowicz, hopes to obtain "the core financing" from the European Bank for Reconstruction and Development and the European Investment Bank.
In June this year, Lotos group sold 35 million shares in a public offer, accounting for about 30 percent of the company's capital. The majority share is still held by the state treasury.
