Privatization adviser critical of Rafineria Gdanska plans

Rafineria Gdanska (RG) privatization adviser, JP Morgan, disapproves of the plans to transfer 30% of shares in oil storage authority Dyrekcja Eksploatacji Cystern (DEC) to capitalize the refinery. The full report, to be published on May 28, will either recommend selling RG to an investor from the industry or push for the flotation of the company. The government decided in March that before privatization gets underway Nafta Polska S.A., the state-owned oil holding, would provide capital to RG through the transfer of a 30% stake it holds in DEC. JP Morgan is currently drawing up two parallel privatization scenarios. If RG is sold to an investor from the industry, it would acquire a 75% stake from Nafta Polska. When it comes to a public offering the amount of shares to be offered will be established by JP Morgan. (Puls Biznesu, page 9, Prawo i Gospodarka, page 2) P.S.