Polish consortium emerges to buy Rafineria Gdanska

A new petroleum consortium consisting of 17 Polish companies will be formed today under the name Konsorcjum Gdanskie S.A. (KG). According to the president of Polish Liquid Fuels Chamber (PIPP), Andrzej Szczesniak, the consortium will bid for a majority stake in Rafineria Gdanska S.A. refinery. The companies making up the consortium come from the liquid fuels distribution sector and together own more than 110 gas stations. Last year they sold over 600,000 tonnes of fuel. KG, whose initial capital is about zl. 1 million is planning to issue series B and C shares. Szczesniak also said, "Our offer is aimed exclusively at Polish private businesses operating in the liquid fuels market." According to the director of Rafineria Gdanska the only way to build a well-developed retail chain is to merge with fuel wholesalers and create a consortium. When the deal is concluded, the consortium will increase its equity to zl.100 million. Initially, it will spend $200 million on the purchase and restructuring of Rafineria Gdanska. The Daily Rzeczpospolita has learned five other investors are interested in the deal. (Rzeczpospolita, June 3-4, page B3) J.K.