OMV and MOL invited to bid for stake in PKN Orlen

Treasury Minister Aldona Kamela-Sowinska announced yesterday that two regional oil and gas groups had been invited to place bids for a 17.6% stake in PKN Orlen, Poland's leading oil fuel firm. "Invitations to place bids for shares in PKN Orlen have been sent to OMV and MOL," Kamela-Sowinska told reporters after a weekly government meeting. Both MOL of Hungary and OMV of Austria had earlier expressed interest in linking up with the Polish company, with the aim of creating a strong Central European group able to fend off growing competition and potential hostile bids from foreign companies. The announcement by the Treasury came on the same day that the PKN Orlen management accepted a development strategy that envisages $550 million investment in the development of its petrochemicals activities. Also yesterday, the company confirmed that it was holding talks with plastic materials producer Basell Europe, which is co-owned by Shell and BASF, on the launch of a joint venture to build a poliolefin processing plant. The talks are expected to be concluded next month. (Gazeta Wyborcza, p. 21; Reuters) K.K.