Rotch promises $1 billion for Rafineria Gdanska

An industry group led by UK-based Rotch Energy has said it is willing to invest over $1 billion in Poland's number two oil refinery, Rafineria Gdanska (RG). Of the total investment, 25% would be spent on the acquisition of a 75% stake in the refinery. According to David Wood, who is in charge of Rotch's investment projects, the new funds would also be used to raise the refinery's annual production capacity from four million to six million tonnes. Rotch has also said that under a three-year investment program, it would upgrade the Gdanska complex to ensure that its products conformed with EU standards. The investment plans also include the setting up of 600 petrol stations in Poland. The consortium, which apart from Rotch includes MW Kellog, the Mitsui Corporation, Gulf Oil, Konsorcjum Gdanskie and Kredyt Bank, is bidding against MOL of Hungary for control of RG. (Puls Biznesu, p. 3; Reuters) A.Z.