PKN Orlen meets price set by Lukoil consortium

The president of PKN Orlen, Zbigniew Wrobel, told journalists at the International Economic Forum in Krynica that his company would match the bid placed by the Russian oil giant Lukoil to buy the 75% stake in Gdansk Refinery (RG). The money would be raised, not from selling their shares in the Plus GSM mobile phone operator, but from a bank loan. Earlier the president of Lukoil, Wagit Alekperow, said the Lukoil-Rotch Energy consortium is ready to pay $274 million for the stake and invest another $330 million to $500 million over five years. A price which a few months ago Wrobel denounced as unrealistic. Russian analysts, quoted by the Polish Press Agency (PAP), claim that the Lukoil consortium may be secretly controlled by the Russian concern. Lukoil's representatives slammed down such rumors. "I am surprised that such opinions are appearing, perhaps it is just to make more of a fuss around the transaction" they said. "Rotch Energy is de facto 99% controlled by a non-western company - possibly Lukoil," said Russkij Fokus analyst Dienis Kirllow, adding that such practices are very common for Russian companies who want to invest in politically unfriendly markets. (Rzeczpospolita, Sept. 7-8, p. B1) A.Z.