Rafineria Gdanska delayed by Nafta Polska adviser swap

State-owned oil holding Nafta Polska which is to sell the companies from the fuel sector, has changed privatization advisers ahead of the sale of Rafineria Gdanska. Unofficial sources say runner-up in the adviser tender, Rotschild will replace JP Morgan Securities. Nafta Polska plans to look for a strategic investor for Rafineria Gdanska. They plan to send the invitations to participate in the tender to specific companies from the sector. Negotiations with a potential investor were planned to begin in December. It seems certain now that the date will be moved to the beginning of 2001. Rafineria Gdanska is the second largest refinery after Polski Koncern Naftowy (PKN) Orlen, in Poland. It supplies 20% of the market. The company needs capital to finance its investment programs, which allowed it to increase its oil production from 3.3 million tonnes last year to 4.2 million tonnes annually. (Gazeta Wyborcza, page 20)