Privatization plans revealed to sell chemical sector

Treasury Minister Aleksander Grad announced on Wednesday that the ministry wants to privatize local chemical makers over the next two years, while reaping in the benefits from the booming sector.

The ministry plans to put sell its stakes in the largest chemical producer Ciech and two fertilizer makers Tarnów and Kedzierzyn by the end of the third quarter next year. The stakes in the biggest fertilizer maker Puławy and its smaller peer Police are slated for the first half of 2010, said Grad during the press conference.

This announcement has stirred interest in potential investors with Polish gas monopoly PGNiG showing interest in purchasing two state-controlled fertilizer makers Pulawy and Police. 

"When it comes to Police and Pulawy, everything is possible," Grad told a news conference in Tarnów. "We recommend that Police and Pulawy find a common owner and PGNiG could be that owner," he added.

Grad stressed that the key element of picking an investor for the state-controlled firms would be their plan, and currently a bid for PKN Orlen's unit Anwil is desirable. "There are a lot of interested investors so the problem doesn't lie in finding one, but picking one," said Grad. (AO)

Source: Reuters