No problems for Grupa Lotos despite Glimar failure

The plan failed and now Lotos has very little chance to get the money back. "What Lotos has are nothing but Glimar's shares, which aare of no value at all," said Glimar's executive Bożena Polesek. However, the waste of resources does not translate into financial problems for Lotos because the company's owners, Nafta Polska and the Treasury, have already taken care of the firm's difficulties. "Since Lotos was involved in the process of restructuring the southern refineries, the company was charged with only 3% dividends instead of 15% for 2003. It is possible that the same will be true for 2004," said Nafta Polska's rep resentative. Grupa Lotos's profit for 2004 was over zł.500 million. (Puls Biznesu, p. 5) A.F.