Oil and oil do mix?
And he makes it sound like Lotos is lucky to have such a good future ahead: "We confirm that (...) there is a possibility of integrating these assets and I do admit that Lotos Group has an opportunity to include its assets into PKN Orlen on partnership-based conditions," Golonka said at the "Petro Trend 2004" forum.
Orlen's strategic priorities include integration with the Czech fuel and chemical company Unipetrol, taking over Lotos's assets and participating in regional cooperation, according to Golonka. "If two owners manage to integrate these assets, this will set up a basis for Orlen's chances in regional consolidation," he says, explaining how the company's goals hang together.
In August, Golonka announced that PKN Orlen's management is interested in purchasing a 20-35% stake in Lotos Group in the course of the latters initial public offering.
Lotos Group's CEO Pawel Olechnowicz seems game. "Our goal is to publicly float Lotos Group at the end of Q1/2005. It seems that this project will be accomplished.
Under this capital arrangement, there is enough room for all entities. We as the management will be happy to lead Lotos to its bourse debut, but we want to do it in a way that pleases our owner," Olechnowicz announced.
Treasury Minister Jacek Socha, who had earlier said that Lotos would likely enter the Warsaw bourse in the middle of 2005, deems that it would be good for PKN to hold a stake in Lotos because of the links and synergies that may end up emerging between the two companies.
News agency ISB reports that Orlen and Lotos are not engaged in any business relations yet-the two presidents' statements in favor of their companies' cooperation notwithstanding.
Lotos Group, however, is interested in exchanging swap transactions with Orlen: Lotos wants PKN Orlen to supply fuel for Lotos gas stations in the south of Poland. In exchange, the Gdansk-based Lotos would provide fuel to Orlen's stations in the north and export its products via the Baltic Sea.
As for the capital cooperation, Lotos's stance will depend on the structure of its IPO. For now, the Treasury has a 100 percent stake in Lotos Group and, directly and indirectly, a 27.52 percent stake in PKN Orlen. (ISB, N.T.)
Orlen's strategic priorities include integration with the Czech fuel and chemical company Unipetrol, taking over Lotos's assets and participating in regional cooperation, according to Golonka. "If two owners manage to integrate these assets, this will set up a basis for Orlen's chances in regional consolidation," he says, explaining how the company's goals hang together.
In August, Golonka announced that PKN Orlen's management is interested in purchasing a 20-35% stake in Lotos Group in the course of the latters initial public offering.
Lotos Group's CEO Pawel Olechnowicz seems game. "Our goal is to publicly float Lotos Group at the end of Q1/2005. It seems that this project will be accomplished.
Under this capital arrangement, there is enough room for all entities. We as the management will be happy to lead Lotos to its bourse debut, but we want to do it in a way that pleases our owner," Olechnowicz announced.
Treasury Minister Jacek Socha, who had earlier said that Lotos would likely enter the Warsaw bourse in the middle of 2005, deems that it would be good for PKN to hold a stake in Lotos because of the links and synergies that may end up emerging between the two companies.
News agency ISB reports that Orlen and Lotos are not engaged in any business relations yet-the two presidents' statements in favor of their companies' cooperation notwithstanding.
Lotos Group, however, is interested in exchanging swap transactions with Orlen: Lotos wants PKN Orlen to supply fuel for Lotos gas stations in the south of Poland. In exchange, the Gdansk-based Lotos would provide fuel to Orlen's stations in the north and export its products via the Baltic Sea.
As for the capital cooperation, Lotos's stance will depend on the structure of its IPO. For now, the Treasury has a 100 percent stake in Lotos Group and, directly and indirectly, a 27.52 percent stake in PKN Orlen. (ISB, N.T.)
