24 February 2011 16:49 [Source: ICIS news]
PRAGUE (ICIS)--Poland will present new proposals for completing the privatisation of its chemical industry in March or April, the country's treasury ministry said on Thursday.
Privatisation officials, who since late 2006 have twice failed in attempts at selling off the assets, believe a new wave of domestic chemical industry consolidation and restructuring should tempt in investors, said deputy treasury minister Adam Leszkiewicz.
"Without undue delay, as soon as the individual [consolidation and restructuring] processes are completed, we will try to find new investors. Stock market offers [should be among the options considered along with tenders] because direct proficient investors may be hard to find," Leszkiewicz said.
Leszkiewicz regarded Zaklady Azotowe Pulawy (ZAP), Poland's largest fertilizer producer and third largest melamine maker in the world, as already in good shape for another privatisation attempt but added that he thought the other sell-off candidates needed a little more time to prepare.
The ministry wanted to dispose of all its controlling stakes in chemical producers including its holdings in ZAP; soda ash producer Ciech; fertilizer producer and titanium dioxide (TiO2) maker Zaklady Chemiczne Police (ZChP); and fertilizer, caprolactam, oxo-alcohols and polyamide chemical group Zaklady Azotowe Tarnow (ZAT).
State-controlled oil, chemicals and petrochemicals group PKN Orlen, meanwhile, is drawing up a plan to possibly sell separately the polyvinyl chloride (PVC) and nitrogen fertilizer businesses of its subsidiary Anwil.
Recent consolidation in the Polish chemical industry has included ZAT's acquisition of a majority stake in chemical producer Zaklady Azotowe Kedzierzyn (ZAK) and ZAP's purchase of an 89.46% stake in phosphorous fertilizer unit Fosfory Ciech from Ciech.
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