Orlen not interested in privatization of chemical sector

Poland's largest oil company PKN Orlen may sell its chemical units as the company decided that privatization of the chemical sector is not in the best interest for the firm. The deputy chief executive told Puls Biznesu that it sees no "strategic opportunities" to grow the business and is ready to sell Anwil.

"The option, in which PKN Orlen would become an integrator of chemical company is currently seen as less attractive by the management and the supervisory board," Jacek Krawiec told Puls Biznesu. "That is why, we do not rule out selling our PVC (polyvinyl chloride) and fertilizer unit if we receive and attractive offer."

Later today, Treasury Minister Aleksander Grad is to announce the strategy for the state controlled companies in the chemical sector, which are meant to be privatized. The list of potential investors include Ciech, Polish Oil and Gas (PGNiG), PKN Orlen and Orlen-controlled Anwil.

However, Orlen revealed it wants no part in the integrator of the chemical sector and a formal decision will be made in the beginning of November, at a time when the firm will announce its new strategy.

Meanwhile, Polish state-controlled gas distributor PGNiG will analyze the possibility of buying Anwil, Radosław Dudziński, deputy chief executive told Puls Biznesu.

Sources: Reuters, Puls Biznesu