Rafineria Gdanska negotiations nearing completion

Treasury Minister Aldona Kamela-Sowinska has announced that Nafta Polska is only a few days away from signing a preliminary contract on the sale of a 75% stake in Rafineria Gdanska (RG). Speaking at a press conference yesterday, she said the negotiations were nearing completion. The British-led Rotch Energy consortium has announced that it will spend almost $1 billion on its bid for RG. According to unofficial sources, Rotch has offered $300 million for RG shares, and is prepared to spend around $700 million more on investments. Its plans for the refinery, once the sale is completed, include modernizing its facilities and developing its sales network, in cooperation with several partners. Those interested in the project are believed to include Mitsui Corp., Gulf Oil, and the Halliburton, Kellog Brown & Root company. (Rzeczpospolita, p. B3) K.K.