Nafta Polska looks for ways out of its dire straits

Nafta Polska, which controls 100% of the shares in Naftobazy, the largest operator of fuel storage sites recently appointed a new management to run the financially ailing company. Yesterday the new board announced a restructuring program, the main aim of which is to stop the falling number of customers and win new ones. "We are in negotiations over a contract with Russia's Lukoil, and we have come across a possibility of storing fuels for Jukos and Slovnaft," announced Jerzy Małyska, the newly appointed president of Naftobazy. However, the key to success is an agreement with PKN Orlen which accounts for 50% of Naftobazy's revenues. Orlen, whose offer for taking part in the privatization of Naftobazy was recently rejected, warned it will not extend the contract, which expires this year. "We are counting on signing a long-term contract with PKN Orlen. A lot however, depends on the negotiations with the Płock-based concern, Nafta Polska and Dutch Vopak concerning the formation of an integrated logistics operator (ZOL)," said Małyska, adding that he estimates the company's current financial needs at zł. 400 million. (Puls Biznesu, p. 5) A.K.