24 February 2012 17:13 [Source: ICIS news]
LONDON (ICIS)--Poland’s largest chemical group Zaklady Azoty Tarnow (ZAT) wants to buy state-owned sulphur mining company Zaklady Chemiczne Siarkopol to safeguard its supplies of liquid sulphur, ZAT said on Friday.
The Polish Ministry of Treasury is seeking to sell its 85% stake in Siarkopol in an ongoing tender.
ZAT, a fertilizer producer which buys Siarkopol’s entire annual output of approximately 300,000 tonnes/year of liquid sulphur, voiced concerns that this arrangement could be threatened should another bidder acquire the company.
Poland has no alternative suppliers of liquid sulphur, ZAT noted.
The ministry said around a dozen bids for the stake in Siarkopol are expected. Siarkopol also produces mineral fertilizer and crop protection chemicals.
Siarkopol, based in Grzybow, southeastern Poland, is notable for the Osiek sulphur mine, the only mine in the world where sulphur is extracted using the underground melting method.
In 2010, Siarkopol’s sales revenues amounted to zlotych (Zl)105m ($33.5m, €25.1m).
The state-controlled ZAT group is targeting 2012 revenues in excess of Zl 5bn.
($1 = Zl 3.13, €1 = Zl 4.18)
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