Poland has no plans to again attempt to privatise Grupa Lotos

11 February 2013 16:58  [Source: ICIS news]

LONDON (ICIS)--Poland has no plans to again attempt to privatise oil and petrochemicals group Grupa Lotos in the foreseeable future, the Polish treasury ministry said on Monday.

The company had been placed on Poland's list of strategic assets that are not for sale following several failed attempts to sell it in recent years, it added.

The treasury ministry received no binding bids for Grupa Lotos in the last attempt at privatising it in December 2011.

However, since then Poland has opted to consolidate rather than privatise major chemical assets that remain in state ownership, a policy it has hailed as a success to date.

The chemical group that is at the centre of most of that consolidation, Zaklady Azoty Tarnow, is with Grupa Lotos examining the feasibility of creating a zlotych (Zl) 6bn ($1.9bn, €1.4bn) petrochemical complex next to Lotos' refinery in Gdansk, northern Poland.

Lotos entered the petrochemical production sphere in July last year with the opening of a 120,000 tonne/year mixed xylenes (MX) plant.

Lotos also runs the Lotos Biopaliwa biodiesel plant, which has production capacity of 100,000 tonnes/year for the biodiesel component fatty acid methyl esters (FAME).

($1 = €0.75, $1 = Zl 3.11, €1 = Zl 4.15)

By: Will Conroy
+44 20 8652 3214

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