Polish state still aims to exit chemicals sector within 20 months

08 February 2012 12:54  [Source: ICIS news]

LONDON (ICIS)--Poland hopes to fulfil within 20 months its repeatedly postponed ambition to privatise its state-controlled chemical companies, the country’s Treasury Ministry said on Wednesday.

The newly installed minister, Mikolaj Budzanowski, would attempt to restart and complete the privatisation processes for producers, including the recently consolidated Zaklady Azoty Tarnow (ZAT) group, now Poland’s largest chemical group by revenue, the ministry added.

ZAT, which produces nitrogen fertilizers, caprolactam (capro) and polyamide 6 (or nylon 6), last year took over two other state-controlled firms: multi-component fertilizer and titanium dioxide (TiO2) maker Zaklady Chemiczne Police (ZChP); and nitrogen fertilizer and oxo-alcohol producer Zaklady Azotowe Kedzierzyn (ZAK).

It is hoped that the much larger single group that has been formed by the take-overs will appeal to investors, the ministry said.

Other chemical producers that remain under state control are soda ash and toluene di-isocyanate (TDI) maker Ciech group and nitrogen fertilizer, capro and melamine producer Zaklady Azotowe Pulawy.

In the past four-and-a-half years, Poland has several times called off privatisations of state-held assets in the chemical sector after receiving what it deemed to be unsatisfactory offers.

The Treasury Ministry announced an indefinite postponement of such attempted sell-offs at the end of last year, citing the unstable situation on the markets caused by renewed international economic difficulties.

Read Paul Hodges’ Chemicals and the Economy blog

By: Will Conroy
+44 20 8652 3214

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