Tag Archives | privatization

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Poland chemicals privatization slows to a snail’s pace

As predicted by this blog, the unrealistic expectations of Poland’s treasury officials mean that they have halted the privatization of chemical firms Zaklady Azotowe Tarnow (ZAT) and Zaklady Azotowe Kedzierzyn (ZAK). The privatization agency, Nafta Polska, reported the decision on Thursday after a binding bid for controlling stakes in the firms submitted by Germany-based Petro […]

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Iran restarts NPC petrochemical privatization

I spoke to a trusted contact today who tell sme that Iran is restarting the privatization of its National Petrochemical Company (NPC) and may consider selling a majority stake to international investors. According to the plan, all NPC’s production assets would be placed into a single entity which could then be sold in part or […]

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Poland’s Ciech may not attract buyer unless government backs down

The flagship privatization of Poland’s Ciech again looks shaky as reports suggest the country’s treasury is unwilling to accept lower bids for the group. Ciech is Europe’s second largest producer of soda ash and this market has not been performing well. As the privatization process stumbles on it is looking more and more like the […]

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Poland’s Ciech achieves refinancing deal

Good news for Poland’s largest chemical maker, Ciech, which has secured a $460.5m loan from a consortium of banks in a debt restructuring deal that took eight months to conclude.The zloty (Zl) 1.34bn (€345.4m) agreement will address the financing needs of the main company, 14 Polish subsidiaries and Romanian soda ash subsidiary Uzinele Sodice Govora, […]

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Poland privatization heats up: Germany’s PCC submits bit for fertilizer firms

Germany’s Petro Carbo Chem (PCC) has submitted a binding bid for controlling stakes in Polish state chemical firms Zaklady Azotowe Tarnow (ZAT) and Zaklady Azotowe Kedzierzyn (ZAK), state industry restructuring agency Nafta Polska said on Tuesday.According to ICIS  news, the bid had been submitted within the agreed privatization deadline, with PCC having had its exclusive […]

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Ciech extends debt restructure deadline

Shares in Poland’s struggling chemical group, Ciech, have jumped after it revealed the deadline for concluding debt restructuring talks had been extended to 16 April from 1 April. The move gives the group more breathing space and enables talks to resume with potential bidders for the group. Ciech was withdrawn from the current Polish chemical […]

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Poland chemical privatization firm ZChP still waiting for bailout

Poland’s largest nitrogen phosphorus potassium (NPK) fertilizer producer, Zaklady Chemiczne Police, is still waiting for a zloty (Zl) 150m ($51.4m, €38.7m) state bail out to be approved by the European Commission.As you can see from the table I recently put together below (click to open), Police is due to be sold by the second half […]

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Ciech suffers weak demand ahead of privatisation

Things are looking pretty tough for Europe’s secong largest soda ash producer, Poland’s Ciech. First its privatisation was delayed as it struggles to refinance its Zl1.56bn debt burden. Now analysts predict weak demand for its core product due to competition from imports of natural soda sourced from Turkish trona mines. Erste Bank said in a […]

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Hellenic Petroleum petrochemical assets could be for sale

Burdened by at least $406bn in national debt, (and anti-government riots -see right), Greece is now considering the sale of many assets, including its 35.5% stake in Hellenic Petroleum which produces chemicals including MTBE, caustic soda, chlorine and PVC at its main Thessaloniki plant. According to the Wall Street Journal, its stake in Hellenic is […]

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