14 December 2010
Russian companies are eyeing up Polish refining assets
RUSSIAN companies are eyeing up the latest refining assets on the block in Poland. They may have an easy run at the properties, too
Although they face local opposition, with European refining margins in the doldrums, Russian firms may be the only interested buyers. Poland has set a preliminary deadline of 4 February for potential buyers to submit bids for a 53.2% stake in the country's second-largest refiner, Grupa Lotos. Reaching this point has proved a struggle for the government, which is selling off a swathe of state-owned assets, such as utility companies Tauron and PGE, to shore up the country's creaking finances and pump investment into the ageing energy assets. Lotos recently modernised its 120,000 barrels a day (b/d) refinery in Gdansk, raising throughput capacity to 210,000 b/d, and would like a strategic inve
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