PKN Orlen may opt for stake in Czech Unipetrol

Fuel sector leader PKN Orlen will focus on gaining a stake in Czech Unipetrol, if its bid to buy domestic rival Lotos fails, deputy CEO Janusz Wiśniewski stated yesterday. Next week, the government is expected to decide on the long-delayed sale of a 75% stake in Lotos, formerly Rafineria Gdańska. Sources have stated that the State Treasury may reject the bid from PKN and British partner Rotch Energy. "Our development plans now hinge on the Lotos decision. If for some reason the situation is unfavorable for us, our priority will be the Czech group," Wiśniewski stated in an interview. The Czech government wants to sell its 63% stake in Unipetrol this year. Wiśniewski said that PKN was now organizing the financing for its development and investment plans, estimated at around zł.1.5 billion a year over the next few years. (Reuters) A.K