Polish partners losing enthusiasm for Rotch Energy bid

Kredyt Bank has withdrawn from the Rotch Energy consortium bidding to purchase Rafineria Gdanska (RG). According to analysts, one of the reasons for the bank's decision may have been the increase in the share price announced by the Treasury. Another possible reason could have been the failure of Rotch Energy to agree on the financial guarantees proposed by Kredyt Bank. It was on the basis of these guarantees that the bank would have taken part in the privatization of the refinery. Rotch has consistently stressed the importance it attaches to the involvement of Polish partners in its bid. However, the participation of Konsorcjum Gdanskie (KG), another of Rotch's Polish partners in the privatization process, is also under question. According to Puls Biznesu, the problem centers on the fuel station network belonging to KG, which was originally thought to comprise 140 filling stations, but now appears to be far smaller. The daily also reports that the reason for the long negotiations between Rotch and KG concerns financial matters. Rotch Energy currently enjoys the exclusive right to conduct negotiations on the privatization of RG. The right expires on August 20. (Puls Biznesu, p. 4) P.W.