Nafta Polska specifies conditions for PKN-RG deal

Maciej Gierej, head of Nafta Polska, the government body responsible for oil sector privatization, has announced that in order to participate in the Gdansk Refinery (Rafineria Gdanska - RG) privatization, PKN Orlen will have to fulfill four conditions: to provide a healthy profit for the Treasury Ministry, guarantee that consumer rights and national energy safety will be protected and obtain the approval of all shareholders to go ahead with the acquisition. "Without the agreement of Orlen's private shareholders there can be no possibility of a merger," said Gierej. Commenting on the safety of consumer interests, Gierej pointed out that in a situation in which there are around 700 petrol stations owned by Shell, BP and Statoil on the Polish market, it is doubtful that PKN-RG would together monopolize the market. He added that recently PKN Orlen and Rotch Energy had taken the next step on the road to successful acquisition of the refinery. On Friday, Nafta Polska agreed to show PKN Orlen copies of the privatization documentation. "H owever, so far we have not agreed to the establishment of a consortium as neither side has fulfilled all formal requirements," said Gierej. (Puls Biznesu, p. 4) A.Z.