PGE, PGNiG and Energa to rescue Kompania Węglowa

The Ministry of the State Treasury has been trying to convince state-controlled blue-chip firms to invest in Nowa Kompani Węglowa for a while. According to treasury minister, Andrzej Czerwiński, utilities PGE, PGNiG Termika and Energa will engage in saving the troubled mine. "We have declarations. I am sure that the number of interested companies will soon expand," Czerwiński told the Polish Press agency (PAP). In his opinion, the process of restructuring Polish mining with the involvement of Polish energy companies will take between four and five years. He also expressed hope that the new entity will eventually enter the Warsaw bourse. The TF Silesia fund is to be the pillar of the new Kompania Węglowa mine (Nowa Kompania Węglowa) which will be created with some delay due to the information that the European Commission would not approve it. "First sketches of the new draft have already been made," according to the ministry.