Rude awakening for Rotch
Representatives of Rotch Energy, the British company that has been trying for more than two years to purchase Rafineria Gdańska, were dismayed to read in the newspapers that the government had cancelled the tender.
The source of the information was Jan Ryszard Kurylczyk, voivod of Pomorze, who was quoted as saying that Rotch had not been invited to continue the negotiations with Nafta Polska and the treasury. His office was quick to claim that the voivod had merely meant that the possibility of halting negotiations could not be ruled out. Michał Tober, the government spokesman, also denied the reports.
Keyvan Rahimian, the chief executive of Rotch Energy, said that he would not criticise the voivod for the confusion that his comments had created, but added that the company is concerned about the slow progress of the privatisation, which he ascribed in part to the complexity of the treasury's position as owner, both directly and indirectly through its shares in Nafta Polska, of 85% of the refinery. He also cited the inertia brought about by the "individual self-interests" of the parties involved.
However, many industry analysts see the apparent misunderstanding as a deliberate attempt to herald the creation of a new industry giant, rivalling PKN Orlen, in which Rotch Energy would probably have no part. The so-called Lotos group would include not only Rafineria Gdańska, but also the Jasło, Czechowice, Glimar, Petrobaltic and Naftoport refineries in southern Poland.
Support for creating the Lotos group has come from Kurylczyk and other local representatives, for whom the possibility of workers being laid off by one of the biggest employers in the region is a matter of considerable concern.
By contrast, a number of analysts are highly critical of the plan to consolidate a number of small southern refineries with the Gdańsk plant in the north.
"Rafineria Gdańska is too small, badly located and has little control over the quality of the products sold under its brand," said Rafał Jankowski of CDM Pekao, explaining that since the refinery's chain of 300 petrol stations are owned by individuals, attempts to implement any quality control cannot be treated seriously.
Jankowski and other analysts said that the most profitable option for all the interested parties - the treasury, consumers and pension funds - would be a takeover of Rafineria Gdańska by PKN Orlen, supported by Rotch.
"Such a combination would be powerful enough to compete on the single European market, after it is liberalised," Jankowski said.
The current Rotch-PKN Orlen bid values the 75% of Rafineria Gdańska on offer at €254 million. With more promised investment, the total bill is expected to reach €311 million.
The source of the information was Jan Ryszard Kurylczyk, voivod of Pomorze, who was quoted as saying that Rotch had not been invited to continue the negotiations with Nafta Polska and the treasury. His office was quick to claim that the voivod had merely meant that the possibility of halting negotiations could not be ruled out. Michał Tober, the government spokesman, also denied the reports.
Keyvan Rahimian, the chief executive of Rotch Energy, said that he would not criticise the voivod for the confusion that his comments had created, but added that the company is concerned about the slow progress of the privatisation, which he ascribed in part to the complexity of the treasury's position as owner, both directly and indirectly through its shares in Nafta Polska, of 85% of the refinery. He also cited the inertia brought about by the "individual self-interests" of the parties involved.
However, many industry analysts see the apparent misunderstanding as a deliberate attempt to herald the creation of a new industry giant, rivalling PKN Orlen, in which Rotch Energy would probably have no part. The so-called Lotos group would include not only Rafineria Gdańska, but also the Jasło, Czechowice, Glimar, Petrobaltic and Naftoport refineries in southern Poland.
Support for creating the Lotos group has come from Kurylczyk and other local representatives, for whom the possibility of workers being laid off by one of the biggest employers in the region is a matter of considerable concern.
By contrast, a number of analysts are highly critical of the plan to consolidate a number of small southern refineries with the Gdańsk plant in the north.
"Rafineria Gdańska is too small, badly located and has little control over the quality of the products sold under its brand," said Rafał Jankowski of CDM Pekao, explaining that since the refinery's chain of 300 petrol stations are owned by individuals, attempts to implement any quality control cannot be treated seriously.
Jankowski and other analysts said that the most profitable option for all the interested parties - the treasury, consumers and pension funds - would be a takeover of Rafineria Gdańska by PKN Orlen, supported by Rotch.
"Such a combination would be powerful enough to compete on the single European market, after it is liberalised," Jankowski said.
The current Rotch-PKN Orlen bid values the 75% of Rafineria Gdańska on offer at €254 million. With more promised investment, the total bill is expected to reach €311 million.
