Poland looks to Mideast for privatisation capital

31 October 2008 17:54  [Source: ICIS news]

PRAGUE (ICIS news)--The heads of some of Poland's largest chemical companies are to accompany government representatives on a business delegation to the Middle East in a bid to attract capital for the country’s privatisation process, Poland's Treasury Ministry said on Friday.

“This delegation will be taking place in a very serious business engagement,” a statement from the ministry said.

The delegation plans to visit Saudi Arabia, Kuwait and Qatar from 2-5 November.

The renewed efforts to privatise the Polish chemical industry could encounter a lack of capital in the west due to the global financial crisis, the statement said.

The ministry said it extended invitations to state giant PKN Orlen, base chemicals supplier Ciech, nitrogen fertiliser, caprolactam and melamine maker Zaklady Azotowe Pulawy (ZAP) and nitrogen fertiliser producers Zaklady Azotowe Kedzierzyn (ZAK), Zaklady Azotowe Tarnow (ZAT) and Zaklady Chemiczne Police (ZchP).

The government says it will exit completely from Poland's chemical sector by 2011 through the privatisation of 19 chemical companies, though it envisages selling only Orlen’s chemical and fertiliser businesses.

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By: Will Conroy
+44 20 8652 3214

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