State asks BGŻ president to control Orlen's finances

BGŻ President Jacek Bartkiewicz, who is to be appointed a member of the supervisory board of PKN Orlen, has been asked by the State Treasury to control the condition of the finances of the Płock-based oil concern. "I see much room for reducing the expenditures of that company," Bartkiewicz told Parkiet. Analysts claim there is still a great deal of room for improvement in Orlen's efficiency. According to Rafał Jankowski from CDM Pekao, PKN's results for the last quarter of 2002 were particularly unpromising. He claims that, "It is not in fact producing a return on its capital and it is no wonder that the State is trying to improve the situation." According to other experts, Orlen has overinvested $200 million and is suffering through illegal fuel imports. (Parkiet, p. 5) M.M.