Poland’s PGNiG mulls cooperation with ZAP, ZchP

30 September 2008 10:38  [Source: ICIS news]

PRAGUE (ICIS news)--Polish Oil & Gas Company (PGNiG) said on Tuesday it is interested in creating a capital group to include nitrogen fertilizer firms Zaklady Azotowe Pulawy (ZAP) and Zaklady Chemiczne Police (ZchP).

 

“Our management board chairman Michal Szubski has stated that we have talked with both companies about cooperation in a capital group or within a specific project,” said PGNiG spokeswoman Barbara Kluza.

 

“But he added that we are not interested in taking over any of these companies,” she said.

 

PGNiG was responding to recommendations made for the next stage of the consolidation and privatisation of the Polish chemical industry presented in early September by Polish Treasury Minister Alexander Grad.

 

Grad suggested ZAP, also a melamine and caprolactam producer, and ZchP should look for a common owner and that, given its feedstock relationship to these firms as the state's natural gas monopoly, PGNiG might be the ideal candidate.

 

Kluza said PGNiG was not ready to respond to statements from Polish oil and petrochemical state giant PKN Orlen that its future might include merging with energy firms, such as PGNiG.

 

Grad also proposed that ZAP and ZchP might be sold off separately.

 

 “From our company's point of view, the future investor should provide business synergies and, as mentioned by the minister, PGNiG meets this condition because it is the main supplier of gas, one of the most important raw materials used in the production process,” said Rafal Kuzmiczonek, spokesman for ZchP.

 

ZAP was not available for comment.

 

To discuss issues facing the chemicals industry visit ICIS connect

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