No merger for PKN
The oil giant's chief, Igor Chalupec, said last week the group's priority was developing the company. He said: "First we should focus on increasing the value of the group and later we can talk about a regional consolidation or a strategic alliance. I would not expect 2005 to bring any changes in this matter. I wouldn't take the risk of suggesting 2006 either."
Last year, PKN and Hungary's MOL held initial merger talks, and Austria's OMV also previously offered to buy a minority stake in the Polish firm.
According to Chalupec, the company should finish work on its new long-term strategy next month. He declined to provide details but said it would focus on improving efficiency and gaining access to foreign oil fields. Recently, Chalupec was part of a delegation that visited Libya to discuss access to the country's vast oil resources.
"This visit created a good climate for us to think about upstream business. This is a difficult market and requires substantial financial resources," he said.
PKN is in the process of buying 63 percent of Czech refiner Unipetrol. However, Chalupec dismissed as "exaggerated" a Polish media report estimating PKN would pay zł.4 billion for the sale. A local daily said that because Unipetrol's value has risen since PKN signed a privatization deal with the Czech government last year, PKN would have to pay more both for the government's stake and for the listed shares.
"The deal we signed last year included an option that the purchase price might be increased or lowered depending on the outcome of Unipetrol's audit. That creates room for speculation that the price might be higher or lower," he said.
"I would not like to speculate on this issue. Let's wait for the outcome of the audit ... I think this zł.4 billion amount is exaggerated." (Reuters)
L.M.
Last year, PKN and Hungary's MOL held initial merger talks, and Austria's OMV also previously offered to buy a minority stake in the Polish firm.
According to Chalupec, the company should finish work on its new long-term strategy next month. He declined to provide details but said it would focus on improving efficiency and gaining access to foreign oil fields. Recently, Chalupec was part of a delegation that visited Libya to discuss access to the country's vast oil resources.
"This visit created a good climate for us to think about upstream business. This is a difficult market and requires substantial financial resources," he said.
PKN is in the process of buying 63 percent of Czech refiner Unipetrol. However, Chalupec dismissed as "exaggerated" a Polish media report estimating PKN would pay zł.4 billion for the sale. A local daily said that because Unipetrol's value has risen since PKN signed a privatization deal with the Czech government last year, PKN would have to pay more both for the government's stake and for the listed shares.
"The deal we signed last year included an option that the purchase price might be increased or lowered depending on the outcome of Unipetrol's audit. That creates room for speculation that the price might be higher or lower," he said.
"I would not like to speculate on this issue. Let's wait for the outcome of the audit ... I think this zł.4 billion amount is exaggerated." (Reuters)
L.M.
