RG puts PKN Orlen investment down to Offset deal

PKN Orlen, which is planning to take over Rafineria Gdanska (RG), announced that it will invest $150 million into the IGCC installation project. However, RG desperately endeavoring to evade the takeover, claims that the financial resources originate from the offset deal. The tender is in full swing. The battle over RG is entering its crucial phase. It is probable that Nafta Polska will very soon submit to the Treasury Minister a proposition concerning the future of the refinery. PKN Orlen and Rotch Energy are competing to acquire 75% of RG's shares. At the end of last week the Rotch Energy/Orlen consortium finalized its work on the so-called "Program for Gdansk," which is to convince Nafta Polska, the Treasury Minister, and the Prime Minister to approve its offer. One of its guiding principles is the construction of an installation for gassing crude oil waste (IGCC). (Puls Biznesu, p. 3) A.C.