Meeting fails to produce decision on PKN Orlen sale

Yesterday's meeting between the government agency responsible for the oil sector privatization, Nafta Polska, and PKN Orlen failed to produce any decision on the sale of a 17.6% stake in the domestic oil giant to MOL of Hungary. In a statement after the meeting, Nafta's Krzysztof Mering said, "Because of the complexity of the problems and the significant impact of the decision on the Polish economy it is necessary to continue a detailed analysis of the state of the negotiations." Earlier Treasury Minister Wieslaw Kaczmarek said a decision regarding the privatization of PKN Orlen would not be taken before the end of the first quarter of 2002. Three related events are expected to influence the privatization decision, namely the completion of the Rafineria Gdanska sale, the general shareholders meeting of PKN Orlen on February 21, and the fulfillment of the chemical industry privatization program. (Rzeczpospolita, p. B3; Reuters) M.T.