Will Shell come to the rescue of almost bankrupt Glimar Refinery?

He went on to say that currently both parties are still discussing the possibility of withdrawing the motion, as it has not yet been sent to a court. Glimar's debts amount to zł.1 billion. However, Olechnowicz still believes that his company could be floated in September 2005 and raise zł.700 million from the floor. "We are in advanced talks with Shell," added Lotos president. These talks concern the construction of an IGCC installation, which is scheduled to begin in Q3 2005. Lotos is also using the know-how of Shell concerning oil extraction and using the capabilities of Petrobaltic. "In two to three years oil extraction should be the key element of our operations," said Olechnowicz. (Rzeczpospolita, p. B4) M.M.