Poilen fails to achieve take off, but prospects remain bright

PKN Orlen and Polimex-Cekop are still the only two shareholders in the Poilen joint venture. They are searching for new partners who could help them win contracts for the reconstruction of Iraq, as only two shareholders stand a weak chance against foreign rivals. The management of the company declares that interest in the venture is strong. "We have received many offers. Among them is an interesting one from Polish Ocean Lines (PLO). We also sent offers to Polkomtel and Bumar. Unfortunately the latter is not interested in cooperation," said a representative of Poilen. Bumar is currently working to build its own competing consortium, with partners from Kuwait and Spain. Poilen's main problem seems to be a lack of a foreign investor. Although negotiations are in progress with American Bechtel, the company is also searching among enterprises in the Arab countries. Poilen is waiting for a decision from Budimex, which has to have an agreement from its Spanish shareholder, and Energobudowa and Enegromontaż Południe, which will decide on cooperation during their coming shareholders' meeting. (Puls Biznesu, p. 6) A.K.