Poilen created to act as national champion to win Iraq reconstruction contracts

PKN Orlen in a joint investment with Polimex-Cekop, yesterday formed a new company, Poilen, in a race to win contracts to reconstruct Iraq. The new venture originated from Polimex-Cekop subsidiary, Polimex-Energo, in which yesterday PKN Orlen purchased a 24.99% stake. "I hope this purchase will be followed by our other partners, such as Budimex and Energomontaż Południe," said Konrad Jaskóła, the head of Polimex-Cekop. A supervisory board will soon be formed, as well as a one man management board. "Poilen places its hopes in US-based Bechtel, which is currently seeking sub-contractors. Negotiations are in progress. We are also in talks with Kellog, Brown and Root," said a person close to the venture. The deputy head of PKN Orlen, Janusz Wiśniewski hopes that Poilen will record an annual turnover of $100-150 million. (Puls Biznesu, p. 10) A.K.