Nafta yet to agree deal with Rotch in oil privatization deal

Contrary to expectations, the supervisory board of the State Treasury, owner of Nafta Polska (NP) failed to sign yesterday a final agreement regarding the privatization bid for Rafineria Gdanska (RG). According to Rzeczpospolita, two deputy presidents of NP, Slawomir Zawadzki and Dariusz Krawczyk were dismissed by the board, with no official reason for the decision being given. The daily argues that the unofficial reason behind the move is that the two were against the sale of the RG stake to Rotch Energy (RE). According to market analysts, the hold up in the deal has been a problem of presentation by RE of financial guarantee. Puls Biznesu reports that fears regarding the investor's ability to raise sufficient funds for the purchase were the reason why Kredyt Bank consortium pulled out of the deal. In order to resolve the situation, Nafta Polska has extended until 14th of September the negotiation deadline, by which date RE must present trustworthy bank assurances. (Rzeczpospolita, B1, Puls Biznesu), p.6