Orlen representatives go to Prague for Unipetrol talks

Deputy Presidents of PKN Orlen, Janusz Wiśniewski and Jacek Strzelecki, have travelled to Prague with Deputy Finance Minister Andrzej Sopoćko in order to discuss with Czech government officials the possibility of taking part in the privatization of Unipetrol. The representatives of the Czech company announced recently that they plan to sell a 63% stake for at least $271 million. Paweł Kluta, head of the Czech privatization agency, said that interested companies may begin due diligence in September this year at the earliest, with shares to be sold in the first quarter of next year. According to sector analysts, the fact that PKN Orlen is interested in the stake is not a good sign for shareholders. This is because the company is currently involved in many projects which are still in their initial phases and further investments should be put off for the time being. Other companies with a declared interest in the tender include MOL of Hungary, and Austrian OMV. (Parkiet, p. 3) A.K.