Despite finding its bid for acquisition of Rafineria Gdanska sidelined,
the oil producer and distributor Polski Koncern Naftowy (PKN) Orlen
believes there is still room for cooperation between the two companies.
"Cooperation and not incorporation could help PKN become a leader among
the consolidations that are commonplace in Central Europe," said PKN
president Andrzej Modrzejewski at the Central and Eastern European
Petroleum Roundtable Talks. Modrzejewski asserts his firm would explore
all avenues in order to participate in the privatization of Rafineria
Gdanska. On the other hand, the oil holding company Nafta Polska, which
is also charged with restructuring the sector, is actively searching for
a strategic investor for Rafineria. According to a government blueprint,
the petroleum sector should be restructured to ensure the existence of
at least two large competing centers of oil production and distribution,
PKN and Rafineria Gdanska. Nafta has thus excluded PKN from bidding,
since it would violate the government fiat on the matter. Meanwhile, PKN
is contemplating cooperative partnerships with Hungary's MOL, Austria's
OMV and Slovakia's Slovnaft as part of the consolidation process for
Central and Eastern Europe. The consolidation could occur by means of
the swapping of minority stakes in each other's firms. (Prawo i
Gospodarka, p.2). S.M.
