Rotch Energy and Lukoil seeks to buy Rafineria Gdanska

According to yesterday's statement from Treasury Minister, Wieslaw Kaczmarek, a joint venture of UK-based Rotch Energy and Russian gas and oil giant Lukoil want to buy Rafineria Gdanska (RG), which is the largest oil refinery in Poland. Prawo i Gospodarka says that the ministry is considering three options for RG: a sale of 75% of Nafta Polska shares to Rotch Energy, to consolidate RG with PKN Orlen, or to announce a new tender. "The decision will be made by the end of the month," said Krzysztof Mering, spokesman for Nafta Polska. "Rotch and Lukoil will start due diligence next week, there is no discussion of cancelling the project," said Kaczmarek yesterday in Frankfurt. The question is will the British-Russian consortium be able to find the almost $1billion needed to close the deal. "For PKN Orlen, we are looking for regional integration with a similar company in Hungary or Austria," said Kaczmarek. (Reuters, Prawo i Gospodarka, p. 5) P.W.