Nafta Polska finds less fuss fixing up phosphor firm

Nafta Polska, the body responsible for restructuring the oil, gas and chemical sector, will not be able to form a new nitrogen concern, but it is likely to succeed in forming a new phosphor company. The success of the phosphor undertaking is largely a result of Polish Oil and Gas (PGNiN) taking the decision to convert the zł.90 million debt of the Police phosphor plant into a stake to be bought by Ciech, a chemical concern, within one or two years. According to a Puls Biznesu source, such a solution has the blessing of the Treasury Ministry. PGNiG may also be forced to convert the debts of Tarnów and Kędzierzyn plants in the similar manner and then sell them on to Anvil. PGNiN's final decision regarding the matter, though, is not yet known, although its president, Marek Kossowski, commented, “We will agree to this depending on PKNiG's financial stability. However, a period of two years would require appropriate bank warrants and seems rather unlikely as it is too long.” (Puls Biznesu p. 1, 10) M.G.