Orlen completes refinery purchase in Lithuania

At an estimated USD2.3 billion, Jaroslaw Kaczynski said that this transaction would contribute to the economic development of both Poland and Lithuania during a press conference on Friday. The prime minister of Lithuania said that Mozejki thanks its new investor and believes they have a promising future ahead. Lech Kaczynski thanked the prime minister and president of Lithuania and Orlen. The transaction, however, was judged less favorably by Fitch. On Friday it decreased the PKN rating of the company to the level BBB. Mainly because Orlen's debts significantly increased after the purchase of Mozejki. Company management has a different view on this matter though. Orlen president Igor Chalupiec said that thanks to buying Mozejki, Orlen has become one of the biggest concerns in central Europe. (Rzeczpospolita, December 16-17, p.B2) M.M.