RG fearful of its future following takeover by PKN Orlen

The second largest fuels producer, Gdansk Refinery (RG), is planing to achieve revenues of zl. 7.3 billion this year and increase its annual oil processing capacity to 4.5 million tones. RG president Pawel Olechnowicz said at a press conference on Saturday that RG has enough financial resources at its disposal to cover the investments, which cost at least zl. 150 million. At the same time, Olechnowicz fears that after PKN Orlen becomes RG's strategic investor, the refiner's position could be marginalized. "I think that the new investor should not solely focus on the takeover of RG's production capacities. In acquiring RG, PKN Orlen will certainly strengthen its position on the domestic fuel market," Olechnowicz said. Currently RG has a 17% share of the fuel market and intends to expand its clients base beyond those in the North of the country. (Reuters) A.Z.