PGNiG management look to speedy process of freeing company from Treasury

The management of the Polish Oil and Gas (PGNiG) intends to accelerate the process of freeing the company from the Treasury. However, the changing market conditions as well as a conflict with PGNiG's bond holders require making changes to the governmental program on PGNiG's privatization. Under the program, the oil giant will be listed in 2004 whereas its investors will acquire a minority stake. PGNiG has already drafted a detailed amendment to the governmental plan. It will shortly be submitted to the Treasury. According to the gas monopolist the company's gas network needs to be modernized and that investment requires more than zł. 1 billion. "Therefore the company will have to find one or more strategic investor" says PGNiG president Marek Kossowski. He added that due to very high capital needs of PGNiG it should also seek financial partners. (Puls Biznesu, p. 6) A.Z