PGNiG options to recover debts from chemical sector

The debts of industrial chemicals producers to Polish Oil and Gas (PGNiG) now exceed zł. 650 million and there is little chance that these can be recovered. Due to this, the Treasury Ministry which is planning to float PGNiG's capital group and at the same time privatize the chemical sector, is trying to find a solution to this complicated situation. "We might compensate the liabilities to PGNiG by giving them shares in state owned energy producers and distributors," Puls Biznesu learnt from sources close to the Ministry. "It would be beneficial for both PGNiG and the energy sector if shares of energy producers were transferred, as the company delivers gas to these firms," said an anonymous source. PGNiG remains open to proposals as, "From our point of view, it would be good to receive shares in either energy producers or distributors," said Marek Kossowski, president of PGNiG. (Puls Biznesu, pp. 1, 8) M.M.