Rotch Energy and Profus Management discuss joint venture in oil refinery

UK-based Rotch Energy, the company interested in acquiring a controlling stake in oil refinery Rafineria Gdanska, has announced plans to invite Poland's Profus Management into a coalition that would help carry out the company's strategy. "We began talks with Rotch before Christmas," confirmed Marek Profus, head of Profus Management. "By the 15th of January we will have decided whether to join this undertaking." According to Profus, a joint investment with Rotch could turn out to be very profitable for his company. Profus and Rotch would create a joint venture in which Profus would hold a 30% share. The joint venture would purchase 75% of the shares of Rafineria Gdanska offered by the State Treasury. "The amount to be spent on acquiring the stake and further investment in Rafineria Gdanska will be proportional to the final stake owned by Profus in the new joint venture," added Profus. Part of the investment money will come from Rotch's and Profus' capital, while the rest is planned to be obtained from banks. According to unofficial sources quoted by Puls Biznesu, Rotch Energy is very likely to resign from the planned coalition with Aleksander Gudzowaty's Bartimpex, which demanded almost total control over Rafineria Gdanska. (Puls Biznesu, p. 8) A.K.