Poland ditches state agency for chemical, oil company privatisations

04 April 2011 13:23  [Source: ICIS news]

PRAGUE (ICIS)--Poland has liquidated the 16-year-old Nafta Polska state agency for the privatisation of chemical and oil companies, its treasury ministry said on Monday.

Remaining stakes held by the agency in chemical companies - namely 80% in fertilizer and oxo-alcohols producer Zaklady Azotowe Kedzierzyn (ZAK) and 49.08% in fertilizer, caprolactam and nylon 6 (polyamide 6) maker Zaklady Azotowe Tarnow (ZAT) - has been transferred to the treasury ministry, it added.

The government had decided that Nafta Polska was no longer required to complete the privatisation of remaining stakes in major chemical companies still held by the state, the treasury ministry said.

Since 2007, Poland's has twice abandoned attempts at completing the sell-off of substantial state-held assets in its chemical industry after receiving unsatisfactory bids.

Another attempt, which could finally see the privatisation of ZAK, ZAT, Poland's largest chemical group Ciech, and the biggest two fertilizer players, Zaklady Azotowe Pulawy (ZAP) and Zaklady Chemiczne Police (ZChP), should be launched this year, the ministry added.

By: Will Conroy
+44 20 8652 3214

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