PKN Orlen looks to close Mazeikiu deal by 15 Dec

20 November 2006 10:58  [Source: ICIS news]

PRAGUE (ICIS news)--Polish oil and petrochemicals group PKN Orlen is targeting 15 December for closing the $2.35bn (€1.84bn) acquisition deal with the government of Lithuania for the purchase of the Mazeikiu Nafta refinery, the company’s ceo said.

 

PKN Orlen’s chief executive Igor Chalupec, who previously thought mid-January was more realistic for signing the acquisition contract, said at a press conference on Saturday that bank financing agreements and due diligence could be finished within a month.

 

In the coming weeks, he added in a joint presentation in Warsaw with Lithuanian prime minister Gediminas Kirkilas, should also see PKN Orlen review the conclusion of a report on the cause and consequences of the recent fire at the refinery, which the company intends to turn into an oil and petrochemicals complex.

 

PKN Orlen also said it was looking at a statement from Russia’s Transneft that a repairs timeframe for the closed pipeline that carries Russian oil to Mazeikiu Nafta would be set in March.

By: Will Conroy
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly